The Price Continues to Rise

[ad_1]

We expect natural gas to continue rising during its upcoming trading.

Spot natural gas prices (CFDS ON NATURAL GAS) continued to rise during the recent trading at the intraday levels, to achieve new daily gains until the moment of writing this report by 1.00%. It settled at its highest price since January at 6.131 dollars per million thermal units after rising sharply during trading yesterday and for the fifth consecutive day, by 5.31%.

Advertisement

Natural gas futures rose about 6% on Tuesday, with coal prices surging as Europe considers a Russian energy ban, with colder weather forecast for parts of the United States driving fuel prices to their highest level since last January.

If Europe reduces its purchases of coal or bans natural gas from Russia, there will be more pressure on the United States to send all the LNG it can reach over the next few months to Europe.

French Finance Minister Bruno Le Maire said on Tuesday there was a “complete determination” from all 27 European Union countries to impose more sanctions on Russia that could target oil and coal, after evidence emerged that its forces had deliberately killed Ukrainian civilians. While the United States and the United Kingdom have previously moved to ban Russian energy imports, European Union countries have struggled to reach a resolution due to concerns about some countries’ heavy dependence on flows from the country.

Natural gas also rose amid the spread of cold weather in a large part of the United States” and reports of reduced storage levels of LNG.

Technically, natural gas continues to rise amid the continuation of positive support for its trading above its simple moving average for the previous 50 days. It is under the control of the main bullish trend in the medium term along a slope line, in addition to the influx of positive signals on the relative strength indicators, despite reaching oversaturated areas.

Therefore, we expect natural gas to continue rising during its upcoming trading, to target the pivotal and close resistance level 6.412, as long as the support level 5.710 remains intact.

Natural Gas

[ad_2]

Leave a Reply

Your email address will not be published. Required fields are marked *

Risk warning: Trading in Contracts for Difference (‘CFDs’) carries a high level of risk and can result in the loss of all your investment. As such, CFDs may not be appropriate for all investors. You should not invest money that you cannot afford to lose. Before deciding to trade, you should become aware of all the risks associated with CFD trading, and seek advice from an independent and suitably licensed financial advisor. Under no circumstances shall we have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs or (b) any direct, indirect, special, consequential or incidental damages whatsoever. For more information about the risks associated with trading CFDs please find and read our ‘Product Disclosure’.


Please recognize that this website is the only official website, please do not enter other clone websites through Internet search or advertisements.


© 2011 - 2024 mgtinvesting.com. All Rights Reserved.

en_USEnglish