CM – Natural gas wins, given the forecasts for increasing demand when the weather gets cooler


natural gas

yesterday, up 1.84% to 392.1 on projections of increasing demand as the weather turns seasonally cooler and a slight spike in global gas prices that should keep US liquefied natural gas (LNG) demand strong. Although predictions called for temperatures to decline as winter approached, these predictions also predicted that the weather would remain milder than normal until at least early November, which would keep heating needs lower than usual for that time of year. In early October, US gas prices rose to their highest level since 2008 as global competition for LNG was expected to keep demand for US exports strong. But after weeks of mild weather, US prices fell about 18% from that high as the market began to believe that the United States will have more than enough gas on hand for the winter heating season, with the bottom 48 states rising in the October averaged 92.1 billion cubic feet per day (bcfd), up from 91.1 billion cubic feet per day in September. This compares to a monthly record of 95.4 billion cubic feet per billion cubic feet per billion cubic feet per billion cubic feet per billion cubic feet per billion cubic feet per day in November 2019. With gas prices close to $ 30 per mmBtu in Europe and $ 33 in Asia versus just $ 5 in the US, traders said buyers around the world could continue to buy all of the LNG produced in the United States. Technically, the market is under short cover as the market saw open positions fall -34.61% to 1957 while prices rose 7.1 rupees. Now natural gas is supported at 382.6 and below testing 373 levels and resistance is now likely to be seen at 402.4, a move upward could cause prices to test 412.6. Trade ideas: # Natural gas trading range for the day is 373-412.6 Demand increases as the weather turns seasonally cooler # Support is also seen as a slight increase in global gas prices which should keep US liquefied natural gas (LNG) demand strong # According to EIA, utilities added 92 billion cubic feet (bcf) of gas storage during the week de ded Oct 15, the sixth week in a row

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Similar title :
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