Natural Gas Price Fundamental Daily Forecast ::
In addition to the speculative buying fueled by the Hurricane, production lags in recent days and historically low national gas stocks also are likely driving up prices. Once the hurricane passes and damage is assessed, demand may fall, encouraging the specs to book profits and square positions.
Natural gas futures are trading higher despite yesterday’s dramatic reversal chart pattern that suggests a short-term top may be forming. There has been no follow-through to the downside so the chart pattern hasn’t been confirmed. Holding inside yesterday’s range indicates investor indecision. Traders are reluctant to make a move until they receive more information on where Hurricane Michael will make land fall and how it will effect natural gas supply and demand.
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