Welcome to the Extreme Investor Network blog, where we provide unique insights and analysis on the stock market, trading, and all things Wall Street. Today, let’s take a closer look at the recent developments in the natural gas market.
Natural gas prices have been on the rebound, with traders closely watching the latest EIA report. The report showed that the natural gas storage build came in below analyst estimates, providing some support to the natural gas markets. However, oversupply continues to be a key issue for the market, requiring significant positive catalysts for sustainable upside momentum.
Currently, the demand for natural gas is high, with weather forecasts indicating a spike in demand over the weekend. However, demand is expected to decrease next week, potentially putting pressure on prices in the short term.
Technically, natural gas has settled above the key support level of $2.00 – $2.05, which has proven to be strong support in the past. If natural gas manages to break above the $2.10 level, it could head towards the next resistance level around $2.25 – $2.30.
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