This NATGAS analysis reviews the commodity from technical and fundamental aspects. It also features trend examination, price forecasts, support and resistance levels, and trading signals.
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Natural Gas Fundamental Analysis
Bloomberg—US natural gas futures fell by almost 5% to around $4.4/MMBtu on Tuesday as strong production and high storage levels kept the market well supplied.
Output in the Lower 48 states has averaged 109.7 bcfd in November, higher than October’s 107.4 bcfd and above the previous record of 108.3 bcfd set in August. As a result, inventories are now about 5% above the usual level for this time of year.
Even with the current surplus, forecasts show that temperatures will stay mostly below normal until December 10, which could lift demand. At the same time, LNG exports continue to grow. Flows from the eight major US terminals have averaged 18 bcfd in November, rising from the record 16.6 bcfd seen in October.
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