By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
7
Notification Show More
Videos
What Israel’s strike on Iran means for markets
16 hours ago
Videos
Rare Earths Are China’s Trump Card In The trade war — How The U.S. Is Trying To Fix That
17 hours ago
Videos
Crypto’s resilience faces new test amid Middle East tensions and new legislation
2 days ago
Videos
Tesla Opened A Diner In LA — Here’s What It’s Like
2 days ago
Videos
Meta’s Scale AI deal, Adobe earnings, Microsoft’s record high: Analyst weighs in
3 days ago
Videos
Why Even High Earners Are Living Paycheck To Paycheck
3 days ago
News
Empire State Realty Trust, Inc. (ESRT) Q2 2025 Earnings Call Transcript
3 days ago
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Markets > Commodities > Natural gas up 4th week in 5 but still stuck at lower $2s
Commodities

Natural gas up 4th week in 5 but still stuck at lower $2s

News Room
Last updated: 2023/05/12 at 5:31 PM
By News Room
Share
2 Min Read
SHARE

Investing.com — On paper, natural gas looks good, closing up for a fourth week in five. For the bulls in the trade, though, that has barely moved the needle on prices stuck in the lower $2 range.

The gas contract on the New York Mercantile Exchange’s Henry Hub settled at $2.266 per metric million British thermal units on Friday. That was 3.5% up on the day and 6% higher from a week ago.

The gains come after last week’s particularly sharp selloff of more than 11% that left the market up by a net 11% as well over the past five weeks.

Gas futures have been stuck at mid-$2 or lower since mid-March from benign weather that has created little need for either heating or cooling. Topping that has been robust production of the fuel, which has steadily added to the glut in gas supply.

As of last week, total in underground caverns in the United States stood at 2.141 trillion cubic feet, or tcf. That was 31.2% higher from the year-ago level of 1.632 tcf and 18.4% above the five-year average of 1.809 tcf.

Notwithstanding the relative stability of $2 pricing, Henry Hub’s front-month is down more than 50% on the year since the end of last year.

Charts indicate little immediate change in the fortunes of gas bulls, said Sunil Kumar Dixit, chief technical strategist at SKCharting.com.

“A daily and weekly close above $2.40 will be initial signs of a resumption of the uptrend in Henry Hub’s front-month, to be affirmed by a clearing through of the swing high of $2.55,” Dixit said.

Beyond that, sits the longer-term target of 100-day Simple Moving Average, he said, adding:

“The flip side is that a steady dip beneath the 5-day Exponential Moving Average, or EMA of $2.19, will keep the downside momentum going. That could invite potential drops to $2.04 and $1.94.”

Read the full article here

News Room May 12, 2023 May 12, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
What Israel’s strike on Iran means for markets

Watch full video on YouTube

Rare Earths Are China’s Trump Card In The trade war — How The U.S. Is Trying To Fix That

Watch full video on YouTube

Crypto’s resilience faces new test amid Middle East tensions and new legislation

Watch full video on YouTube

Tesla Opened A Diner In LA — Here’s What It’s Like

Watch full video on YouTube

Meta’s Scale AI deal, Adobe earnings, Microsoft’s record high: Analyst weighs in

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

Commodities

Russia mulls extra tax for some commodities exports, including metals – sources

By News Room
Commodities

Gold prices tumble as Fed talks higher rates

By News Room
Commodities

Crude oil prices endure downturn amid U.S. interest rate hike anticipation

By News Room
Commodities

China approves export licences for chip materials gallium, germanium

By News Room
Commodities

European energy crisis: ECB, IEA and EIB to strategize on systematic transition amid soaring prices

By News Room
Commodities

Federal Reserve interest rate signals prompt oil price dip

By News Room
Commodities

Oil prices inch closer to $100 per barrel amid inflation concerns

By News Room
Commodities

Brent Crude Prices May Hit $120 per Barrel, Warns JPMorgan

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?