Natural Gas Technical Analysis: Price is Recovering

Spot natural gas prices increased in the recent trading at the intraday levels, to achieve slight daily gains until the moment of writing this report, by 0.54%. It settled at the price of $8.429 per million British thermal units, after rising sharply during yesterday’s trading by 8.01%, to compensate for the losses of the previous two sessions.

Natural gas futures prices rose on Wednesday, amid little change in weather forecast or production data, bringing the spot month in NYMEX to $8,266 per million British thermal units, an increase of 56.0 cents a day, and October futures jumped 56.4 cents to $8,262.

NGI’s Spot Gas National Avg spot gas prices varied as warm weather spread to the US East Coast, increasing cooling loads across the region, rising about 13.0 cents to $7,940.

A consent agreement was reached between the Freeport terminal and the Pipeline Hazardous Materials Safety Administration (PHMSA), and the news spread like wildfire, as confirmed by the LNG export terminal.

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