Natural Gas Technical Analysis: Supply questionable
Natural Gas could be entering in a rather steady uptrend, with the demand side from mainland Europe and the UK starting to take in deliveries for restocking ahead of this year’s fall and winter. Subsequently, continuous demand will be present during the spring and summer periods. Meanwhile, on the supply side, Norway and the US have had substantial delivery issues due to unforeseen maintenance and outages in certain LNG facilities. Any further disruptions could trigger a shot higher, with Gas prices heading to $2.50 over the summer.
On the upside, the blue line at $2.11, the 2023 low, and the 100-day Simple Moving Average (SMA) at $2.10 are acting as a resistance. Further up, the next level to watch is the January 25 high at $2.33
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