Natural Gas faces more and more headaches, on a near daily basis when looking at the headlines that are emerging from one of its biggest consumers: Europe. The green sprint in Europe, together with more and more green energy sources overtaking Natural Gas as a source of energy, threatens the future for Gas in terms of volumes needed. For now India is happy to take over those excess volumes, though the question remains for how long?
On the upside, Natural Gas is facing some pivotal technical levels to get back to. First stop is $1.99, – the level which, when broken, saw an accelerated decline. Next is the blue line at $2.13 with the triple bottoms from 2023. In case Natural Gas sees sudden demand pick up, possibly $2.40 could come into play.
Keep an eye on $1.80, which was a pivotal level back in July 2020 and should act as a cap now. Should more supply emerge in the markets, or more weakening data globally point to even more sluggish global growth – $1.64 and $1.53 (the low of 2020)
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