NATGAS price rose over 5.00% as colder than previously expected weather over the next two weeks is set to boost demand for heating. Price increase came despite a EIA report showing a smaller-than-expected storage decline last week. Working gas held in storage facilities in the US fell by 21 billion cubic feet last week, less than analysts’ estimates of a 31 billion cubic feet fall. At the same time, the Freeport LNG export plant in Texas, forced to go offline in June following a fire, expects to begin bringing operations back online only by year's end, in another delay due to pending regulatory approval, which should keep LNG exports below record levels hit in March and leave more gas in the US for domestic use.
NATGAS extended yesterday's rally and broke above psychological resistance at $6.0. Next resistance to watch lies at $6.30 and is marked with 78.6% Fibonacci retracement of the upward wave started in October 2022 and downward trendline. Source: xStation5
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
