Welcome to Extreme Investor Network! Today, we are diving into the latest update on natural gas prices and what it means for traders on Wall Street.
The recent EIA report has brought a boost to natural gas prices, as the storage build fell short of analyst expectations. This unexpected turn of events is sparking bullish sentiment in the market, leading to a steady uptrend in natural gas prices since early May.
Despite the oversupply still lingering in the market, traders are optimistic about the potential for a rally. Rising LNG exports, production cuts, and the anticipation of a hot summer are all factors driving demand for natural gas and pushing prices towards new highs.
From a technical standpoint, natural gas is currently testing the resistance level at $2.45 – $2.50. If this level is breached successfully, we can expect a move towards the next resistance level around $2.80 – $2.85. With the RSI indicator in a moderate zone, there is plenty of room for momentum to build in the near term.
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