• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 3 hours U.S. Shale Oil Debt: Deep the Denial
  • 17 hours Satellite Moons to Replace Streetlamps?!
  • 1 day EU to Splash Billions on Battery Factories
  • 14 hours The Dirt on Clean Electric Cars
  • 55 mins Why I Think Natural Gas is the Logical Future of Energy
  • 12 hours Owning stocks long-term low risk?
  • 5 hours Can “Renewables” Dent the World’s need for Electricity?
  • 2 days US top CEO's are spending their own money on the midterm elections
  • 2 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 40 mins Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 2 days Uber IPO Proposals Value Company at $120 Billion
Alt Text

How The Trade War Could Benefit Australian Gas

As the U.S.-China tit-for-tat tariff…

Alt Text

China Blinks First In LNG Face-Off With U.S.

China’s latest tariff strategy involving…

Alt Text

Russia To Resume Gas Imports From Turkmenistan

According to Aleksei Miller, Gazprom’s…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Natural Gas Still Has Space To Fall

January Natural Gas

January Natural Gas futures declined to a multi-year low at $2.229 earlier in the week, but selling dried up, triggering a short-covering rally and enough upside momentum to put the market up for the week. If it can finish the week over $2.291 then a technical closing price reversal bottom will form. This will be the first sign that the buying is greater than the selling at current price levels.

(Click to enlarge)

This could prove to be difficult because the fundamentals remain bearish. Production remains strong and the commodity’s demand continues to fail to keep pace with the supply surge. Stockpiles held in underground storage in the lower 48 states reached 4 trillion cubic feet (Tcf) for the first time ever. The current storage level is up 11.2% from last year and is 5.5% above the five-year average, according to the latest data from the U.S. Energy Information Administration.

At this time of the year, weather should have the biggest influence on prices. However, so far, winter has been slow to arrive. Sure, snow blanketed much of the Midwestern and Great Lakes states over the week-end, but this wasn’t followed up by a lingering cold spell which would’ve led to increased demand.

Instead of the weather influencing the price action this week, the mechanics of the futures market seem to be exerting the biggest influence. With the December futures contract set to expire, short-sellers have been scrambling…

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