By Natural Gas Technical Analysis: Natural Gas Continues to Rise
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The price drop also came despite less-than-expected storage units reported last week, expectations of higher demand in the near future as LNG export terminals come back into service and renewed concerns about a possible rail strike.
The price drop also came despite less-than-expected storage units reported last week, expectations of higher demand in the near future as LNG export terminals come back into service and renewed concerns about a possible rail strike. A rail strike could increase gas demand by threatening coal supplies to power plants.
The US Energy Information Administration also reported that domestic natural gas stocks rose by 52 billion cubic feet for the week ending October 21, compared to market expectations for an increase of 61 billion cubic feet.
On the other hand, natural gas contracts reached strong support levels on the chart. Natural gas prices reached the price level of 4.780, which is a strong support level that natural gas could not cross to the bottom, for that this level is considered in addition to the 3.555 level The best levels of natural gas purchases for the coming period, as the price of natural gas is expected to rise during the winter season due to increased demand.
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