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Spot natural gas prices fell in their recent trading at the intraday levels, to record daily losses until the moment of writing this report, by -2.18%. It settled at the price of $7.677 per million British thermal units, after rising sharply during yesterday’s trading by reaching 7.77%.
Natural gas futures rose strongly yesterday on the back of hot weather that prevailed in most parts of the US, which could boost demand for fuel for cooling.
Gas futures for August in Nymex were up 74.3 cents a day and settled at $8.007 per million British thermal units. The September contract advanced 74.9 cents to $7.899.
Meanwhile, Russian President Vladimir Putin has indicated that natural gas flows to Europe will resume via the Nord Stream pipeline, but may continue to see some restrictions unless the dispute over the sanctioned parts is resolved.
Meanwhile, the European Union’s Executive Office proposed on Wednesday that member states reduce natural gas use by 15% over the coming months, to ensure that any full Russian cut off of supplies from the bloc would not fundamentally disrupt industries next winter.
Germany’s largest importer of Russian gas Uniper (UNPRF) said Thursday that Russia has delivered about 40 percent of its contractually agreed volumes of gas, in line with resumed supplies via the Nord Stream 1 pipeline.
Technically, the price is trying to reap the profits of its recent rises. At the same time, it is trying to dispose of some of its clear overbought by the relative strength indicators. This is especially with the start of negative signals from them, in light of the dominance of the main bullish trend in the medium and short term along a slope line. This is shown in the attached chart for a (daily) time period, with the positive pressure of its trading continuing above its simple moving average for the previous 50 days.
Therefore, our expectations suggest that natural gas will rise during its upcoming trading, throughout its stability above the level of 7.254, especially in the event that it breaches the resistance 8.054, to target the pivotal resistance level 9.600 afterwards.
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