Natural Gas futures are under pressure since morning and have been trading in red. Natural Gas prices
With hurricane Barry leaving the island, the heat is expected to return. Traders' sentiments are favoring increase in production since Barry leaving the island, the productions units will be back on
track.
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Weather Outlook
NaturalGas weather predicts rains and cooling across the US
for early this week while later this week or early next week, we could expect
some hot days. Overall, the national demand would be high for natural gas. This
would affect the prices and we could see a bounce back but it is obviously
uncertain.
Weather trends are expected to be hotter,end of this
week and mid- next week leading to more demand and this could weigh heavily on
the prices.
Natural Gas storage is also expected to increase based on
the weather reports with all the production line back on track. Traders are
expecting an increase in demand will be met with increase in production.
Natural Gas price forecast
Natural Gas future prices are expected to trade lower today
till Friday since traders feel that production is meeting the supply. Till heat
returns we can expect prices to be under pressure.
For Intraday trader, a short position is advised at 165 for target
of 162 with stop loss of 168.
Positional traders should aim to enter the market around 157
for target of 175 by august mid.
As per the charts and new trends, it is clear that 162 is a
support and 169 is resistance. Natural Gas prices will trade between this ranges.
Sellers are trying to push the market to 157 and this would be a great rate to
enter if someone if looking to buy.
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