Natural Gas is finding some reasoning to jump higher, back to the $1.80 pivotal level. The move comes with finally the supply side seeing some disruption ahead for 2024 and which means a repricing (higher) is needed to factor this event in. It becomes very clear that should Gas prices want to move further up, any supply side disruption will be key to accomplish this.
On the upside, Natural Gas is facing some pivotal technical levels to get back to. Once $1.80 is surpassed, the next stop is $1.99, – the level which, when broken, saw an accelerated decline. After that the blue line at $2.13 comes into view, with the triple bottoms from 2023. In case Natural Gas sees sudden demand pick up, possibly $2.40 could come into play.
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