Natural Gas: Dog Days Offering Momentum
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Natural Gas on the Nymex closed 11% lower at $2.33. EIA reported a bullish build of 32 Bcf in working underground stocks. Total inventory is currently at 3,134 Bcf, 9.6% higher y/y, 18.8% above the 5-year average. Stocks will soon be below the 5-year maximum for the first time in 8 months. The author believes that another $3.50 level is attainable before winter. The LNG market has faced pressure due to bad publicity from Putin's war. U.S. contracts above $4.00 will meet resistance as LNG exports will not easily exceed 15% of total U.S. demand. The author recommends monitoring U.S. macro data and the Dollar Index. Daily, 4-hour, and 15-minute MACD and RSI are pointing to entry areas.



https://www.investing.com/analysis/natural-gas-dog-days-offering-momentum-200649786