Natural Gas is trading near $2.58 on Friday, up for a fourth straight day in a row. The prices rally comes amid increasing concerns around the impact of tropical storm Francine as the US Gas supply might face disruptions due to the closure of several
Natural Gas sets forth its rally for a fourth day. Ga reserves in Europe are outpacing US reserves ahead of heating season. The US Dollar index eases after a former Federal Reserve member calls for a 50-basis-points interest-rate cut. offshore platforms in the Gulf Coast. Also on the supply side, the deteriorating situation between Russia and Ukraine is not helping, with the risk of Russia fully cutting off Europe from its supply.
Instead, the number came up 9 billion cubic meters short, fueling concerns that this could mean issues ahead for the upcoming winter in the US at a moment when tropical storm Francine has disrupted Gas production in the Gulf. On the upside, that blue ascending trend line could act as a keep short-term, near $2.62. Should the Gas price make its way above it, a longer term uptrend could play out here. Further up, $2.80 and $2.86 are coming into play.
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