Welcome to Extreme Investor Network, where we provide you with the latest insights and analysis on the stock market, trading, and Wall Street trends. Today, we are focusing on the natural gas market and the key factors affecting prices.
One of the main challenges for the bulls in the natural gas market is the high inventory levels. While the recent inventory build was below analyst expectations, stocks remain elevated, which is bearish for natural gas prices. However, there has been some support for prices as they have started to move higher in reaction to the latest EIA report.
Current demand for natural gas is moderate, but weather forecasts suggest that demand could increase in the next seven days. This potential uptick in demand may help push prices higher, but it remains to be seen if it will be enough to overcome the bearish inventory levels.
Technically, natural gas is attempting to break above the resistance at $2.00 – $2.05. If it can hold above $2.05, the next resistance levels to watch are at $2.25 – $2.30. With RSI in the moderate territory, there is room for momentum to build. However, stronger catalysts may be needed for sustainable upside given the high inventory levels.
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