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Prices were elevated ahead of Thursday inventory report from the Department of Energy. This is an area forex natural gas prices price seen a significant amount of resistance though, so fores break above that key players in forex markets would be rather significant. Traders are saying that the supply glut that has held down prices for several years has finally led to output cuts.
Export facilities and surging demand from Mexico are driving consumption. However, despite the chart-related bounce, the market remains susceptible to further downside action since it currently sits on support that could fail at any time. By doing so, it looks as if we may try to fill the gap from several sessions back. The shoulder season can be difficult and without increased cooling demand prices will likely consolidate ahead of the summer.
Draws in inventories continued over the past week according to the Energy Information Administration. This nagural that the lingering cold temperatures over the week-end and the uncertain forecast for cooler temperatures later this week may be exerting an early bullish influence on prices. The market is now straddling major retracement zones created by the December top to the late February bottom and the late January top to late February bottom.
There is forex natural gas prices gap below, and perhaps the market needs to fill that gap before trying to break out to the upside. Higher prices have incented producers to rev up their rigs according to the latest report from Baker Hughes. The market continues to claw through retracement levels that are trying to act like resistance, but the upside momentum is building and threating to challenge the last top before the sell-off into the late February bottom.
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Energy Information Administration - EIA To better align with the with natural gas spot prices in this report, U.S. Energy Information Administration.
Get the latest national average price for natural gas as well as the lastest prices for other major commodities at rusrock-leg.ru.
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