Natural Gas Prices Edge Higher After EIA Report.

by | Dec 18, 2020 | News & Analysis

Key Points

  • EIA data indicates further stocks drawdowns
  • Technical analysis

Energy International Agency’s data indicated a further drawdown in stock for the previous week, with a reading of – 122Bcf against market expectations of -120Bcf. The prior week had a drawdown in stocks of -90Bcf which proved to be pivotal in preventing prices from collapsing further below the $2.500 price. The demand for natural gas is expected to pick up the pace as the North Hemisphere winter kicks in.

Natural Gas; Daily Chart

Natural Gas Analysis
Source; QEFxMoney

Price managed to find support on an ascending support line. That same region can be regarded a strong confluence of support borrowing from the fact that the $2.570 is a stable support line. The rebound in prices coincided with the beginning of another monthly cycle of natural gas. The latest cycle might witness a bullish trend that might last until early 2021.

Trends

Moving AverageSimpleExponential
602.914 SELL2.769 SELL
1002.769 SELL2.677 NEUTRAL
2002.303 BUY2.502 BUY
Source; QEFxMoney

Pivot Points (Daily)

NameS3S2S1PivotR1R2R3
Nat-Gas2.4682.5372.5862.6552.7042.7732.822
US-Oil47.1347.4747.9148.2548.6949.0349.47
Brent-Oil2.4682.5372.5862.6552.7042.7732.822
Source; QEFxMoney

Pivot Points (Weekly)

NameS3S2S1PivotR1R2R3
Nat-Gas2.1682.2682.4302.5302.6922.7922.954
US-Oil42.3143.6345.1046.4247.8949.2150.68
Brent-Oil2.1682.2682.4302.5302.6922.7922.954
Source; QEFxMoney

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