[ad_1]
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 1.73%. It settled at the price of $8.998 per million British thermal units, after rising during trading yesterday and today.
Natural gas futures rose on Tuesday but pared early gains, settling at their highest levels since June 7, according to Dow Jones Market data. Prices continued to get a boost after reports that Russian state-owned Gazprom’s natural gas exports via the Nord Stream pipeline to Germany will be halved.
Russian energy giant Gazprom said it will reduce the flow of natural gas to Germany through the Nord Stream 1 pipeline to 20% of its capacity, or 33 million cubic feet per day, according to news reports, at half its current level.
Russia’s Gazprom is supplying as much gas as possible to Europe, Kremlin spokesman Dmitry Peskov told reporters on Wednesday, adding that technical problems with equipment imposed by sanctions prevent Gazprom from exporting more.
He said Gazprom was still a reliable supplier but could not guarantee supplies if foreign equipment could not be maintained due to sanctions, as Russia delivered less gas to Europe on Wednesday, citing problems with other gas turbines.
First-month natural gas futures have been trading up nearly 66% this month, on track for their biggest monthly percentage percentage ever.
Natural Gas Expectations Today
Technically, the main bullish trend dominates the price movement in the medium and short term and its trades along a trend line. This is shown in the attached chart for a (daily) period, with the positive pressure continuing for its trades above its simple moving average for the previous 50 days. Additionally, we notice the influx of positive signals in relative strength indicators, despite reaching overbought areas.
Therefore, our positive expectations surrounding natural gas will continue. We expect the price to continue rising during its upcoming trading, as long as support 8.054 remains intact, to target the pivotal resistance level 9.600.
Ready to trade Natural Gas Forex? Here’s a list of some of the best commodity trading brokers to check out.
[ad_2]
Turkish 
English