NATGAS price surged to $8.2 per million British thermal units on Thursday, a level not seen since mid-June 2022 as prospects of rising demand overshadowed news that Gazprom restarted shipments to Germany through the key Nord Stream 1 pipeline. The EIA’s weekly report showed inventories rose only 34 billion cubic feet (bcf) of natural gas into underground storage last week, while analysts expected 47 bcf build. At the same time, record high temperatures in the US increased electricity usage (as majority of Americans use air conditioning), which has prompted power plants to burn more natural gas.
NATGAS price pulled back from major resistance at $8.20 which is marked with 23.6% Fibonacci retracement of the last upward wave. As long as the price sits below, downward move may resume. The nearest support to watch lies at $7.30 and coincides with 38.2% retracement. Source: xStation5
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