Natural Gas price finds a floor on air-conditioning demand as summer heats up Gas Commodities Technical Analysis Fundamental Analysis
ing deeper declines, with forecasts of temperatures in Texas reaching 100 degrees Fahrenheit this week, expected to put pressure on Gas supplies used in air conditioning, according to a report by Natural Gas World.
Yet if temperatures surprise to the upside as it looks possible, it will soon put pressure on the grid and raise prices, says NGW. Gas prices rose on Tuesday after production data from the Norwegian Petroleum Directorate in May, came out 7.3% below forecasts. Norwegian supply is now critical to the European continent after it replaced Russia as the main supplier in 2022, when Norwegian Gas accounted for 23% of imports compared to Russia’s 15%, according to a report by CNN.
The Neptun Deep offshore Gas field will make Romania the largest Gas producer in the EU, and a net exporter. In actual fact, the RSI started rising well before price did, which was indicative of an underlying change in environment. Until price goes a bit higher, however, the trend remains down.
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