Natural Gas Waiting on Weather to ChangePosted 03/07/2019 10:45AM CT |
Natural gas for April delivery has been trending higher, but seems that after forging out a new high of $2.896 yesterday prices are beginning to slide. The bulls will stay in control to around $2.800 on the close. A close under $2.785 will signal a takeover by bear forces. Resistance comes in at $2.900, but that number is being overlooked by the industry as warmer weather is forecast for the coming week and after that. Support is found $2.765, and a real washout will take us to $2.700 and below. Momentum studies seem to be trending lower on daily charts. A move in that direction should accelerate.
This week’s storage numbers were estimated at -141 bcf for the past week. The actual storage number was higher than that. A draw of -149 bcf was reported by the EIA for this period. Once again, warmer weather was forecast for the coming weeks. Let’s all hope winter is behind us, and spring in on the way. March comes in like a lion and goes out like a lamb is the pattern were looking for. Both sides of unchanged prices are expected with a slight drop in price on the way.
Natural Gas Apr ’19 Daily Chart
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