Natural Gas Technical Analysis: Demand not the issue anymore, rather supply
Natural Gas prices are soaring this week with traders seeing a change in the supply side after Bloomberg reported Egypt might end its exports over the summer. Markets are facing the possibility of lower supply for the same amount of demand, or even increased demand as the European market is under siege from Asian trading desks buying up cheap Gas contracts. This combination could lead to a significant rise in prices ahead
On the upside, the key $1.97 level needs to be regained before challenging last week’s peak at $2.01. The next key mark is the historic pivotal point at $2.13. Should Gas prices pop up in that region, a broad area opens up with the first cap at the red descending trend line near $2.21.
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