Natural Gas prices are starting to recover this week after a steep decline in the past two weeks. Gas prices briefly hit $3.63 and have been plunging
Natural Gas prices sold off for two straight weeks and finally found a floor at $3.20 The US Dollar saw its worst intraday loss in three months on Monday. Natural Gas prices appear to have downside potential as demand is still subdued ahead of winter. since then. Traders were too eager to price in an Israeli ground offensive that would pull other countries into the conflict, likely propelling energy prices.
There aren’t any significant resistance levels except for $3.65, the peak of January 17. From there, the high of 2023 near $4.3080 comes into play. On the downside, the trend channel failed to act as support near $3.37. Natural Gas prices could fall to $3.07, with that orange line identified from the double top around mid-August. Should the drop become a broader sell-off, prices could sink to $3, at the 55-day Simple Moving Average.
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