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Natural gas markets broke down significantly during the trading session on Monday, losing 2% as the Americans stepped on board. The $2.88 level has been supportive, and now that we have broken below that level I think that more selling pressure will return. However, if we get some type of short-term bounce, I suspect that the first signs of exhaustion we could be looking for selling opportunities yet again. I believe that the $3.00 level above continues to be a “ceiling” in the market, and truthfully it would be a bit of a stretch at this point to reach that level from what I see. In fact, we have made a “lower low” already, so now it looks as if we are going to continue to go to the downside of the longer-term consolidation area, reaching down to the $2.60 level.
I believe that the natural gas market will of course be volatile as per usual, and with the hotter temperatures in the United States we have seen increased demand, but next week is supposed to be a bit cooler, and that should drive down a bit of demand for the natural gas markets. Beyond that, the US dollar continues to strengthen, and that of course puts pressure on commodities overall. Beyond that as well, increase concerns about trade tariffs has put a lot of bearish pressure on commodities overall as it could slow down global growth, which of course slows down demand for energy markets, something that we are not only seeing here but also in the crude oil markets during the day.
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