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Natural Gas Price forecast Prices bounce back amid Inventory Data release

Natural Gas prices bounced back on Wednesday July 28, 2021, ahead of Thursday’s inventory report from US energy department. Projections are for a 47 Bcf build in stocks as per survey provider’s projection. This pursues last week’s lesser than anticipated 49 Bcf build. The climate is anticipated to be warmer than regular on the West Coast and cooler than regular in the North East region for the coming two weeks. There are no expected turbulences to become tropical cyclones in the Gulf of Mexico or Atlantic over the next 48-hours. Production decreased in the recent week.

Technical Analysis

Natural Gas Price forecast Prices bounce back amid Inventory Data releaseNatural Gas prices were up on Wednesday, bouncing back on going through Tuesday’s losses. Support is witnessed close to the 10-day stirring average near 3.89. Resistance is witnessed close to the July highs at 4.19. Short-term thrust has turned minus as the speedy stochastic produced a crossover sell sign in oversold area. The rapid stochastic has shifted to 65 from 80, indicating fast negative thrust. Medium-term positive thrust is slowing down as the MACD histogram is printing in positive area with a descending trajectory that point to consolidation.

U.S. Supplies Decreased in recent Week

U.S. net supply of Natural Gas decreases a little this week. As per the data from EIA, average net supply of Natural Gas dropped by 0.1% in comparison with the last report week. Dry Natural Gas productions are increased by 0.1% in comparison with the last report week to average 92.9 billion cubic feet a day. Average total imports from Canada declined by 3.0% from last week to 5.0 Bcf per day.

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