Natural Gas Price Forecast – Natural Gas Markets Continue to Grind to The Upside

Natural gas markets have been very noisy over the last couple of days, but the most certainly look bullish at this point. With that being the case, I think it is only a matter of time before we see this market looking to reach towards the $4.00 level. Ultimately, I think this is a market that continues to see a lot of distortion, due to the fact that there is a massive heat wave in the United States greatly influencing where we go next. Granted, this is a temporary situation, but it has been in effect for a while now.

NATGAS Video 09.08.21

To the downside, I think we have support extending past the $4.00 level all the way down to the $3.80 level. That is the bottom of the most recent consolidation area, and where I think that the market would meet up with the 50 day EMA if we did get a little bit of a pullback. To the upside, I think the market is still going to be looking at the $4.40 level as the longer-term target, based upon a couple of bullish flags and of course the major consolidation underneath.

I think we continue to see a lot of really difficult trading ahead of us, as we are a bit stretched, but at the end of the day this is a market that will pay close attention to the weather reports as per usual, and I think we have further to go as he continues. Furthermore, we have a bit of a commodity boom going on as well, so it all plays into the same thing.

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