Natural Gas Week Ahead For October 15
Alexandros Yfantis | Oct 14, 2018 12:33AM ET
Nymex Natural Gas market met another volatile week, yet closing at the same level as the previous one at $3.16. Trading volumes remain very high in both plays in short term charts. Thursday’s storage report showed another large build of 90 Bcf which immediately pressed the price considerably. Underground stocks refill season will go on for another few weeks and milder temperatures are expected for the Lower 48. This market is integrating its seasonality and still trying to reach for a decent upper band of a range bound just before winter. Every other Thursday’s and Friday’s exhaustion, however, showing that a bearish sentiment is still lurking as traders can’t rely only on a colder winter to overcome the oversupply issues, even larger Canada Gas imports. Futures contracts levels are showing the same in any principal hub exchange across the U.S. At this point, we are not going against the market’s trend on the short term charts and expecting a MACD signal on the daily one.
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