• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 15 minutes WTI @ 67.50, charts show $62.50 next
  • 10 hours The EU Loses The Principles On Which It Was Built
  • 2 hours Starvation, horror in Venezuela
  • 4 hours Saudi Fund Wants to Take Tesla Private?
  • 19 hours Crude Price going to $62.50
  • 6 hours Why hydrogen economics does not work
  • 2 hours Tesla Faces 3 Lawsuits Over “Funding Secured” Tweet
  • 3 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 15 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 1 day Chinese EV Startup Nio Files for $1.8 billion IPO
  • 1 day Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 1 day < sigh > $90 Oil Is A Very Real Possibility
  • 8 hours California Solar Mandate Based on False Facts
  • 15 hours Saudi Arabia Cuts Diplomatic Ties with Canada
Alt Text

All-Time Low Spare Capacity Could Send Oil To $150

Many oil markets watchers have…

Alt Text

Philippines Cracks Down On Fuel Pirates

Though fuel smuggling in Southeast…

Alt Text

U.S. Drillers Add Double Digit Oil, Gas Rigs

Despite the correction in oil…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Bulls Willing To Play Waiting Game In NatGas

Natural Gas

With the end of the month coming up and the last full month of winter right around the corner, let’s take a look at the natural gas market this week.

March Natural Gas futures rallied early in the week on forecasts of colder temperatures the last week of January and into early February. Unfortunately for the bullish traders, this idea came and went, leaving them no choice but to lighten up on their long positions while awaiting perhaps the next piece of news that may trigger the final rally for the season.

The bad news is that despite the rally earlier in the week on predictions of cold weather and a bigger weekly drawdown then estimated, natural gas futures are poised to settle lower for the week. The good news is the chart pattern suggests there may still be life in the contract because prices are still holding above a major support zone.

According to the U.S. Energy Information Administration (EIA), natural gas stockpiles shrank by 243 billion cubic feet in the week-ending June 13. Traders were looking for a draw of 229 Bcf. The five-year average draw for this week of the year is only 170 Bcf.

Technical Analysis

(Click to enlarge)

On the Weekly March Natural Gas chart, you can see that four retracement zones have combined to hold the market in a range, creating choppy, two-sided trading conditions.

Starting from the outside and working to the inside, the major support zone is the retracement zone bounded by $3.148 to…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News