Natural Gas Technical Analysis: Price is Rising Timidly

Spot natural gas prices slightly increased in the recent trading at the intraday levels, to achieve slight daily gains until the moment of writing this report, by 1.04%. It settled at the price of $8.964 per million British thermal units, after it rose slightly yesterday by a rate of $8.964 per million British thermal units. 0.23%.

US natural gas futures fell about 1% on Monday, driven by increased supplies, expectations of cooler weather and lower demand for refrigerants over the next two weeks than previously expected.

The ongoing outage has also affected the Freeport terminal for exporting liquefied natural gas (LNG) in Texas, leaving more gas in the United States for utilities to pump into storage for the coming winter.

So far this year, the price of the most active natural gas futures contract is up by about 134%, as higher prices in Europe and Asia keep demand for US LNG exports strong. Global gas prices have also risen this year after supply disruptions linked to the Russian invasion of Ukraine on February 24.

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