Natural Gas Set to Repeat 2020 Pattern Despite Higher Injection

ph.investing.com/analysis/natural-gas-set-to-repeat-2020-pattern-despite-higher-injection-165685

By Satendra Singh | Apr 28, 2023 14:47

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After a wobbly Thursday, natural gas futures look ready for a wild price swing before this week's close, as surging uncertainty over the near-term direction could push prices back to fill the weekly gaps witnessed by futures on Apr. 16th and 23rd.

Since Apr. 14, 2023, futures have established a behavioral pattern and, despite price swings, look likely to repeat the movement pattern that it adopted between Dec. 28, 2020 – Jan. 12, 2021.

Natural gas futures are hovering around the same levels at this time of the year as the spring season keeps the heating demand on the lower side, just before the increased cooling demand for summer.

Natural Gas Futures Daily Chart - Dec. 28, 2020 to Jan. 12, 2021

Natural Gas Futures Daily Chart in April 28, 2023

Technically speaking, futures are showing some strength in the daily chart, despite surging selling pressure.

A breakout above $2.548 or a breakdown below $2.216 is likely to indicate the future direction before this week's closing.

Natural Gas Futures 1 Hr. Chart - Apr. 28, 2023

On the other hand, the 9 DMA and 18 DMA have created a bullish crossover above the 200 DMA and that could generate a breakout soon.

Disclaimer: The author of this analysis does not have any position in natural gas futures. Readers should take a trading position at their own risk, as natural gas is one of the most liquid commodities in the world.

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Natural Gas Set to Repeat 2020 Pattern Despite Higher Injection

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