Natural Gas Weekly Price Forecast – Natural Gas Continues to Look For a Bottom

Natural Gas Price Forecast Video for 12-02-2024

Natural Gas Weekly Technical Analysis

As you can see, natural gas has fallen pretty significantly during the course of the trading week to reach down just below the $2 level. The $2 level, of course, is an area that has been massive support previously and it does make sense that it would continue to be so going forward. That being said, nothing is guaranteed and obviously we have a lot of work to do.

A bounce from here does make a certain amount of sense though, as we are at such extreme lows. But quite frankly, that is something that you need to be very cautious doing because we could drop another $0.20. Ultimately, the demand for natural gas is going to continue to falter due to the fact that the winter has been such a bust that we have a huge supply of natural gas just sitting there.

Eventually we’re going to carve out a range and I think that’s going to be basically between $2 on the bottom and $3 on the top. But we are in the midst of a bottoming process and that’s a pretty messy ordeal so you will have to be very cautious at this point in time. However, if you are thinking in terms of weeks and months, you might have the ability to take advantage of natural gas trying to turn things around. After all, eventually drillers just simply stop because there’s no money to be made and I think we are getting pretty close to that point currently.

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