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Abstract:Spot natural gas prices (CFDS ON NATURAL GAS) continued to rise during the recent trading at the intraday levels, to achieve new daily gains until the moment of writing this report by 1.00%. It settled at its highest price since January at 6.131 dollars per million thermal units after rising sharply during trading yesterday and for the fifth consecutive day, by 5.31%.
Spot natural gas prices (CFDS ON NATURAL GAS) continued to rise during the recent trading at the intraday levels, to achieve new daily gains until the moment of writing this report by 1.00%. It settled at its highest price since January at 6.131 dollars per million thermal units after rising sharply during trading yesterday and for the fifth consecutive day, by 5.31%.
Natural gas futures rose about 6% on Tuesday, with coal prices surging as Europe considers a Russian energy ban, with colder weather forecast for parts of the United States driving fuel prices to their highest level since last January.
If Europe reduces its purchases of coal or bans natural gas from Russia, there will be more pressure on the United States to send all the LNG it can reach over the next few months to Europe.
French Finance Minister Bruno Le Maire said on Tuesday there was a “complete determination” from all 27 European Union countries to impose more sanctions on Russia that could target oil and coal, after evidence emerged that its forces had deliberately killed Ukrainian civilians. While the United States and the United Kingdom have previously moved to ban Russian energy imports, European Union countries have struggled to reach a resolution due to concerns about some countries' heavy dependence on flows from the country.
Natural gas also rose amid the spread of cold weather in a large part of the United States and reports of reduced storage levels of LNG.
Technically, natural gas continues to rise amid the continuation of positive support for its trading above its simple moving average for the previous 50 days. It is under the control of the main bullish trend in the medium term along a slope line, in addition to the influx of positive signals on the relative strength indicators, despite reaching oversaturated areas.
Therefore, we expect natural gas to continue rising during its upcoming trading, to target the pivotal and close resistance level 6.412, as long as the support level 5.710 remains intact.
Disclaimer:
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