NATGAS surges nearly 8.0%

NATGAS bounced off the 2021 lows at $3.20 MMBtu during today's session on a spike in oil prices and forecasts for higher gas demand next week than previously expected. Nevertheless price is still trading around 8.0% below December 2022 lows and had the weakest start of a year ever, as higher than expected temperatures lowered demand during crucial heating season. Also supply concerns eased following the news that Freeport LNG export terminal again delayed the restart of its operations, this time to the second half of January, which means that more of gas will remain on the US market.

NATGAS fell sharply in December 2022, however buyers managed to regain control on Monday. Nearest resistance to watch lies at $4.22 MMBtu, where, 50 EMA, local high from January 4th and upper limit of the local 1:1 structure are located. Source: xStation5