Commodities Analysis by Investing.com (Damian Nowiszewski) covering: Natural Gas Futures. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
Natural gas prices have been on a downward trend, but rising demand and tightening supply signal a rebound.Technical indicators suggest a bullish outlook for natural gas prices, with a potential rebound targeting $2.5 on the horizon.However, this downward trend may soon end. A potential slowdown in the broader mining and exploration sector could curtail production, while record temperatures anticipated for August could boost consumption.
However, the latest July data shows a decline in the rate of storage replenishment, at 22 Bcf, below last year's figure of 23 Bcf and the five-year average of 31 Bcf. On the demand side, electricity production from natural gas has increased, reaching 6.9 million megawatt hours on July 9, the highest since detailed data monitoring began in 2019.
Considering these factors, an upward price scenario for natural gas is possible in the coming weeks, with a target of at least $2.5 per mmBtu.Henry Hub contract prices are forming a double-bottom pattern around the $2 mark, indicating a possible rebound. The first resistance level is at $2.5, followed by $2.7.
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