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Natural Gas Weekly Price Forecast – Natural Gas Markets Attempt to Stabilize

By:
Christopher Lewis
Published: Aug 5, 2022, 16:26 UTC

Natural gas markets have been back and forth during the course of the week, showing signs of hesitation.

Natural Gas FX Empire

In this article:

Natural Gas Weekly Technical Analysis

Natural gas markets have gone back and forth during the trading week as we have seen the repercussions of the massive shooting star from the previous week. The market will continue to look at this as being a little overbought, and I think what we are seeing now is the argument as to whether or not the Freeport terminal opening up quicker than originally thought will have an effect on the market. After all, a lot of that was based upon the idea of the United States exporting to the European Union, but that does not seem to be a feasible possibility.

The market continues to respect the shooting star, so I think it’s probably only a matter of time before we write down. The heatwave in the United States disappeared, so that of course helps a lot. That being said, the market is likely to continue to see a lot of volatility, so you will need to be cautious with your position size. If we do break down, we could drop all the way down to the $5.50 level based upon the previous move.

If we break out to the upside, it’ll be interesting to see if we can continue to go higher, because we have seen so much in the way of selling pressure the market could very well struggle with the $10.00 level as well, so all things being equal, this is likely going to be a situation where longer term we get lower, but in the short term it might be a situation where an attempt to rally yet again. This market is volatile under the best of conditions, and the recent situation has not helped.

Natural Gas Price Forecast Video for the Week of 08.08.22

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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