Natural gas prices reached new heights. The South is anticipated to have above-average temperatures. The amount of U.S. natural gas coming at LNG facilities remains rising.
On Monday, natural gas prices skyrocketed, surpassing 13-year closing highs. The National Oceanic and Atmospheric Administration predicts that the upcoming 6-10 and 8-14 days will be warmer than average for the majority of the South.
This winter, net withdrawals of natural gas from U.S. storage totalled 2,264 billion cubic feet, according to the Energy Information Administration. This is the most amount of natural gas extracted from storage since the winter of 2017–18, and it is 10 percent greater than the previous five-year average, which covers data through March 2022.
On Monday, natural gas prices increased by more than 9 percent. Near the 10-day moving average of 8.72 is viewed as support.
As the fast stochastic produced a crossing buy signal, short-term momentum stays favorable. Prices are overbought because the fast stochastic is displaying a value of 90, which is greater than the overbought threshold of 80.
As the MACD (moving average convergence divergence) histogram prints in negative area with a rising trajectory, indicating consolidation, medium-term momentum is reversing and attempting to become positive.