Natural Gas Technical Analysis: Price Settles Down

Spot natural gas prices (CFDS ON NATURAL GAS) slightly increased in their recent trading at the intraday levels, to achieve daily gains until the moment of writing this report by 0.51%, after it also rose slightly in yesterday’s trading by 1.88%.

European natural gas prices fell sharply on Wednesday, after a strike by Norwegian oil and gas workers threatened to put further pressure on a market already under heavy pressure from the Russian war in Ukraine.

Natural gas futures rebounded early Wednesday, as production fell and demand due to near-term weather remained elevated. However, the spot month fell by midday as traders digested expectations for a strong storage injection, and struggled to regain momentum.

Gas futures for August in Nymex eventually fell 1.3 cents on the day and settled at $5,510. The September contract fell by about half a cent to $5.482 / million British thermal units.