Tuesday, September 29, 2020

Natural Gas Whacked 10% on Warm Weather Forecast

From FX Empire: 
Natural Gas Price Prediction – Prices Tumble on Warm Weather Forecast
Demand rose in the latest week
Natural gas prices tumbled more than 8% on Tuesday as the weather forecast turns milder and traders looked for the exit. Demand increased in the latest week as colder weather buoyed consumption in both residential and commercial buildings. The weather is now expected to be warmer than normal throughout the west which should weigh on natural gas prices. There are no tropical cyclones expected to form in the Atlantic Ocean or Gulf of Mexico over the next 48-hours according to NOAA. 
Technical Analysis
Natural gas prices moved lower on Tuesday dropping 8.5% but holding just above support near an upward sloping trend line that comes in near 2.53...

Here's the last three months of price action via FinViz. The gap up was the switch to the November contract:
2.5070 down .2880 (10.3%)