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2021-05-19 14:30:00

GAS PRICES UPDOWN

GAS PRICES UPDOWN

 

By Andy Warr, TophatFinance

At the start of Globex trading for the week 17th May,Natural gas futures climbed as the forecast suggested warmer weather and a decline in rig count.

A good Gap Up from the previous weeks closing price at 3.00379 saw a huge spike towards the 3.08 handle bringing about more bullish price action momentum towards yesterday's(May17th) peak price at 3.18093.

As I write this during the mid NewYork session, we have seen a decline of 3% to the 3.016 handle,probable GapFill pending towards the 3.008 for the week to start up at the Asia Session.That would be my bias.

Do not shrug off the target of 3.62 handle when the Cattle goes to graze the fodder.

More clarity however is upon the API Crude Oil Stock and the EIA thereafter at tomorrow's session.

On Thursday we have the Natural Gas Storage Change Data from the EIA which is the froth for the week progress.

Natural Gas is important for Air Conditioning so a hot summer may bring about the rally,also in accordance to the years data,supply reserves are depleted therefore a factor to watch would be weather forecasts within the production lines.

Buckle up and enjoy the ride.

Lovely trading week ahead from my desk at TophatFinanceOffice .

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Earlier:

GAS PRICES UPDOWN
2021, March, 1, 10:50:00
GLOBAL GAS DEMAND WILL UP 50%
Natural gas will overtake coal in 2025 and become the largest global primary energy source by 2047, with oil plateauing around 2040 and then beginning its irreversible decline
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Tags: GAS, PRICE