Natural Gas has jumped substantially this week after Chevron received notice of strikes to take place at the start of September in several important L
NG terminals in Australia. As the week progresses, another local exporter was able to broker a deal and avoid any future strike actions. This opens the door for Chevron to strike a deal as well, which would mean that any supply issues are to be limited in the near future.
The Energy Information Administration is due to publish the weekly Natural Gas Storage Changes for this week at 14:30 GMT. In line with recent headlines, another build is expected from 18 to 29 billion cubic feet. China’s LNG consumption for July has risen 9.6% year-on-year. On the upside, $3 is still the level to watch once Natural Gas prices can reclaim $2.9. Should prices recover, look for a close above $2.935, the high of August 15, in order to confirm that demand is picking up again. More upside toward $3 and $3.065 would be targets or levels to watch.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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