Fundamental analysis
US natural gas prices consolidated in the short term after forecasts for higher demand and a federal report showing smaller-than-usual storage additions. This comes as producers reduced drilling earlier this year.
However, gas stocks are still more than 4.5% above normal levels. Meteorologists expect warmer-than-normal weather through Nov. 1, though demand, including exports, is now forecasted higher than previously thought.
Technical analysis
Price continues in a downtrend in the short term, however, it is approaching the 38.2% Fibonacci level (around 2.71) while the RSI is showing a bullish divergence after being in oversold sold. This could suggest an upside recovery in the near term.
US natural gas prices consolidated in the short term after forecasts for higher demand and a federal report showing smaller-than-usual storage additions. This comes as producers reduced drilling earlier this year.
However, gas stocks are still more than 4.5% above normal levels. Meteorologists expect warmer-than-normal weather through Nov. 1, though demand, including exports, is now forecasted higher than previously thought.
Technical analysis
Price continues in a downtrend in the short term, however, it is approaching the 38.2% Fibonacci level (around 2.71) while the RSI is showing a bullish divergence after being in oversold sold. This could suggest an upside recovery in the near term.
Aviso legal
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.