Natural Gas price ascends from weaker US Dollar, heatwave demand Gas Commodities Technical Analysis Fundamental Analysis
and hotter-than-expected summer weather in the Western world. Temperatures in Texas, for example, are breaking records and the trend is set to continue for 7-10 days, according to forecasters. If the summer is hotter overall, it will quickly put pressure on Natural Gas supplies used in air conditioning, according to a report by Natural Gas World. Natural Gas news and market movers
A decline in the US Dollar following US Federal Reserve Chairman Jerome Powell’s testimony to the US Congress on Wednesday is giving Natural Gas a boost, as the commodity is mainly priced and traded in the world’s reserve currency. “The European gas market — and by extension the global gas market — [is] certainly not out of the woods in terms of adequately matching supply with demand,” Tom Marzec-Manser, head of Gas analytics at ICIS, told CNN.
The Neptun Deep offshore Gas field will make Romania the largest Gas producer in the EU and a net exporter. Natural Gas would need to break above the last lower high of the long-term downtrend at $3.079 MMBtu, however, to indicate a reversal in the broader trend. Wave C is likely to be at least a Fibonacci 61.8% length of wave A, suggesting a possible end target in the short-term of around $2.450. Supply and demand dynamics are a key factor influencing Natural Gas prices, and are themselves influenced by global economic growth, industrial activity, population growth, production levels, and inventories. The weather impacts Natural Gas prices because more Gas is used during cold winters and hot summers for heating and cooling.
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