Natural Gas Technical Analysis: Price Near 14-year High

Spot natural gas prices continued to rise in recent trading at intraday levels, to achieve new daily gains until the moment of writing this report, by 0.68%. It settled at the price of $9.460 per million British thermal units, after rising sharply during yesterday’s trading. By 5.91%.

Natural gas futures ended yesterday’s session at their highest levels since 2008, buoyed by supply shortages in the US and Europe, as European gas prices remained elevated after the weekend amid maintenance activity in Norway, while flows through the Nord Stream 1 pipeline remain significantly restricted. big.

Natural Gas Prices

Prices in the US also remain high amid rising temperatures, and although the temperatures are cooling down, hurricane season is still lurking.

Analysts expect the US Energy Information Administration on Thursday to report an increase of 34 billion cubic feet in US gas inventories for the week ending August 12, according to a survey by S&P Global Commodity Insights, which indicated that a rise in that volume would be much lower. of an average five-year storage of 47 billion cubic feet.

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