Natural Gas Price Forecast – April 29, 2020

Natural gas is settling into a wide trading range as expected. Today, prices fell to challenge $1.86, the 62 percent retracement of the move up from $1.765. This is a potential stalling point but based on the waves down from $2.100 and $2.018 odds lean in favor of falling to $1.82. A test of resistance is expected before prices close below $1.82. Closing below $1.82 would clear the way for $1.69, which is near the bottom of the trading range for the June contract.

Natural Gas – $0.035 Kase Bar

As prices fall toward $1.82 resistance at $1.92 is expected to hold and $1.96 is key. Settling above $1.96 will call for another attempt at $2.03, which then connects to $2.11 and higher. Without help from bullish external factors, it is doubtful that natural gas will overcome $2.03.

This is a brief analysis for the next day or so. Our weekly Natural Gas Commentary and daily updates are much more detailed and thorough energy price forecasts that cover key natural gas futures contracts, calendar spreads, the UNG ETF, and several electricity contracts. If you are interested in learning more, please sign up for a complimentary four-week trial.

Published by

Dean Rogers, CMT

Dean Rogers, CMT is the general manager of the Kase Call Center in Albuquerque, New Mexico. He oversees all of Kase and Company, Inc.’s operations including research and development, marketing, and client support. Dean began his career with Kase in early 2001 as a programmer but has developed into Kase’s senior technical analyst. He writes Kase’s award-winning weekly Crude Oil, Natural Gas, and Metals Commentaries. He is an instructor at Kase's classes and webinars and provides all of the necessary training and support for Kase's hedging models and trading indicators for both retail and institutional traders.

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