Natural Gas Week Ahead
Alexandros Yfantis | Jun 24, 2018 05:15AM ET
The Natural Gas market on the NYMEX had a volatile week, closing at $2.94. Three dollar level showed strong resistance once again and Friday closed 2.60% lower than the week before. Weather in Canada and the Lower 48 remains mild and demand isn’t climbing that much. Underground stocks built another 91Bcf remaining close to a hundred just like in the past weeks. Support is seen around the $2.85 and we are still looking at a range bound where we can play both ways in the short term charts. Sellers are coming in at any sign of exhaustion and buyers are doing the same when we hit support areas. This market is testing bands for quiet some time now, having trouble to show a consistent uptrend channel, as longer term traders remain patient, looking for a more clear sentiment build up.
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