NATGAS price jumped over 6% higher on Monday, extending last week’s 7% rally as forecasts of an early start to colder winter weather ramped up demand for gas-intensive heating, overshadowing expectations of strong supply. The Freeport LNG export facility announced that it will resume operations in mid-December as it continues to repair damages from its explosion in June, backtracking previous statements that it would restart in late November and increasing the amount of gas available for domestic use.
NATGAS price erased early losses after buyers failed to break below support at $6.50 and rose sharply in the afternoon. Buyers are currently testing major resistance at $7.12, which is marked with previous price reactions and 61.8% Fibonacci retracement of the upward wave launched in July 2022. Should a break higher occur, the next target for bulls can be found around $7.66, where 50.0% retracement and September 2022 lows are located. Source: xStation5
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