Natural Gas Markets Show Resilience on Independence Day
Considering the prevailing circumstances, European nations will face challenges in replenishing their natural gas storage during the upcoming winter. Consequently, this could drive prices higher. With Russia no longer supplying natural gas to Europe, they must seek liquefied natural gas from the United States. This shift in demand is likely to contribute to the upward trajectory of natural gas contracts. In the meantime, the market is consolidating between the levels of $2.00 below and $3.
While this consolidation may lead to some volatility, given sufficient time, a breakout to the upside is expected. If the $3.00 level is surpassed, there is a possibility of a significant upward move toward the 200-Day EMA.On the downside, the $2.00 level has proven to be a strong support level in the market and is expected to continue serving as such. Any breakdown below this level could potentially result in a move toward the $1.80 mark, but thus far, such a scenario has not materialized.
In summary, despite the limited trading activity on Independence Day, the natural gas markets exhibited resilience and a modest rally. The 50-Day EMA provided dynamic support, indicating its growing importance. The shift in Europe's natural gas supply from Russia to the United States is expected to increase prices. In the near term, the market appears to be consolidating, but an upside breakout is likely. The $2.
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