U.S. Hot temperature boosted natural gas prices. For how long?
U.S. natural gas futures rose ~2% August 6 due to near-record LNG export flows and forecasts of hotter-than-normal weather through late August, boosting air conditioning demand and gas use by power plants (over 40% of U.S. electricity). Despite a hot summer, record production has kept gas stockpiles ~6% above normal, with storage likely to grow further.
Technically, price seems to form bullish wedge since mid - August. Price successfully tested the level of 3.0000, still can go on a retest of this level soon once again before some mid-term bullish momentum occurs. Additionally, according to seasonals, since the second half of the august, natural gas prices go bullish due to the beginning of the shoulder season.
U.S. natural gas futures rose ~2% August 6 due to near-record LNG export flows and forecasts of hotter-than-normal weather through late August, boosting air conditioning demand and gas use by power plants (over 40% of U.S. electricity). Despite a hot summer, record production has kept gas stockpiles ~6% above normal, with storage likely to grow further.
Technically, price seems to form bullish wedge since mid - August. Price successfully tested the level of 3.0000, still can go on a retest of this level soon once again before some mid-term bullish momentum occurs. Additionally, according to seasonals, since the second half of the august, natural gas prices go bullish due to the beginning of the shoulder season.
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Join me, I'll guide you to PROFITABLE TRADING💵!
Telegram Channel:
t.me/elibrianalytics
Telegram Channel:
t.me/elibrianalytics
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.