US Natural Gas Prices Tests $2.18 Amid High Supply

FxNews—US natural gas prices fell below $2.75 per MMBtu, dropping from recent highs of over $3. This drop happened because of strong domestic supply and reduced risks from the Middle East.

Israel’s recent actions against Iran’s oil facilities initially caused concern, but the situation remained calm with no further major conflict.

US Gas Production Nears Record Highs as Prices Drop

Meanwhile, US gas production hit nearly 103 billion cubic feet per day in late October, close to record levels. Data also showed an increase in gas storage, with a 78 billion cubic feet build in late October. Additionally, forecasts for milder cold weather in much of the US reduced the need for heating, putting more downward pressure on prices.

NATGAS Technical Analysis – 31-October-2024

NATGAS Technical Analysis - 31-October-2024
A dip below $2.18 could signal a resumption of the bearish trend.

NATGAS traded bearishly and tested the September 24 low at $2.18 as resistance in today’s trading session. The Awesome Oscillator histogram is red and below the signal line, indicating the bear market prevails. Meanwhile, RSI 14 records show 32 in the description, meaning Natural gas is not oversold; hence, the downtrend could resume.

Overall, the technical indicators suggest the primary trend is bearish and will likely resume.

NATGAS Eyes $2.1 Target if Bears Break $2.18 Support

From a technical perspective, the bearish trend resumes if sellers close the NATGAS price below the immediate support of $2.18. In this scenario, the next bearish target could be $2.1, backed by the lower line of the bearish flag.

Conversely, the bearish outlook should be invalidated if NATGAS bulls pull the price above the immediate resistance at $2.24.

Latest Posts

Bitcoin Analysis: Technical, Fundamental & News

Discover the latest Bitcoin analysis with our expert insights....

GBPUSD Analysis: Technical, Fundamental & News

Discover the latest GBPUSD analysis with our expert insights....

EURUSD Analysis: Technical, Fundamental & News

Discover the latest EURUSD analysis with our expert insights....

EURUSD began consolidating from 1.017: rose 0.85%

EURUSD began consolidating from 1.017 and rose 0.85%, trading...

Litecoin Gained 7.1%: What’s the Next Target?

Litecoin gained 7.1%, marching slowly toward $100.0. The uptrend...

Gold Exceeded $2665: Now Overbought!

Gold exceeded $2665 resistance. However, robust buying pressure made...

Bullish Symmetrical Triangle Signals NATGAS Breakout

NATGAS trades sideways in a low-momentum market inside the...

Crude Oil Holds at $72.8 After Initial Price Dip

Crude Oil price dipped from $75.24, testing the %50.0...

Gold Stays Below $2665 Ahead of US Economic Data

On Monday, the price of gold remained below $2,665...

US Gasoline Futures Hit $2.07 Amid Oil Surge Amid Oil Surge

Gasoline futures in the US have climbed past $2.03...

NATGAS Dips 14% Amid Low Storage Draws

Natural gas prices in the U.S. fell sharply by...

WTI Crude Slips From $74 as Dollar Strengthens

Crude oil prices for West Texas Intermediate (WTI) dipped...

NATGAS is Hit $4 As the Year Ends

NATGAS hit $4.0, trading in a robust uptrend. The...