Natural Gas Futures Experience Mixed Outlook Amid Supply and Demand Uncertainty
Monday, 30 September 2024, 05:53
Daily Natural Gas Update
As of 12:44 GMT, Natural Gas futures are trading at $2.880, down $0.022 or -0.76%.
Bullish Drivers: Supply Disruptions and Winter Demand
- Supply disruptions in the Gulf of Mexico could tighten market conditions.
- Early or harsh winters might increase demand for heating.
- International supply concerns could drive up U.S. LNG exports.
Bearish Factors: High Production and Mild Weather
- Stable production rates near 100 Bcf/day keep supply levels high.
- Current storage levels reported at 3,492 Bcf offer a buffer for the winter.
- Mild weather limits residential and commercial demand.
Outlook: Range-Bound Trading with Key Resistance Levels
The natural gas market is projected to remain range-bound, facing strong resistance at $2.937 and a 200-day moving average at $2.970. Observing weather and supply dynamics is crucial for trading strategies.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.