Natural Gas prices have fallen more than 10% since the opening on Monday as concerns over supply following the Middle-East war fade and demand in Europe weakens on higher-than-usual temperatures.
Natural Gas prices sink over 10% for the week. The US Dollar briefly surges on the back of hawkish Powell comments. Natural Gas prices could sink lower as temperatures in Europe remain on the high end of the range. Markets have been following the narrative that the longer the tensions linger in the Middle East, the less probable it becomes that a proxy war would get underway.
In such a case, a quick sprint to $4.33, the high of 2023, would be expected. On the downside, the 55-day Simple Moving Average is doing its work near $3.15 as the downturn appears to be losing traction near $3.20. In case it is unable to hold the recent sell-off, expect to sell the orange line, from the double top in August, to try and salvage the situation near $3.06. That will be the last line of defence before gas prices retreat below $3.
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