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Natural gas markets have done almost nothing during the trading session on Tuesday, as the $2.85 level is starting to offer support. I reckon is at the $2.88 is resistance extending to the $2.90 level as well, and it looks as if signs of exhaustion should be selling opportunities. Overall, I am bearish of the natural gas markets, but as we head into the Holiday it’s likely that natural gas markets will do almost nothing because there will be an underlying market to measure it against.
Longer-term, I anticipate that the market will probably go down to the $2.80 level, and then eventually the $2.70 level over the next several weeks. I recognize a lot of noise in this market, because there are conflicting reports on whether, and of course depending on what part of the world you are in, conflicting reports on the necessity of more supply. Taiwan has recently signed a large contract with LNG from the United States, so that helps the futures market as well, but at the end of the day the US dollar strengthening, fears of a trade war driving down energy demand, and overall uncertainty around the markets will continue to be a bit of an anchor on this market. Rallies at this point are not to be believed until we break above the $2.93 level, and even then I would only anticipate a move to the $3.00 level.
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