Natural Gas Price Forecast – June 20, 2024

Natural Gas Technical Analysis and Near-Term Outlook

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.

July natural gas settled below the crucial smaller than (0.618) target of the wave down from $3.161 and the 62 percent retracement of the rise from $2.518 at $2.76. This was quite bearish for the outlook because the move down now favors a test of the $2.52 equal to (1.00) target of the wave down from $3.161. This is also the confirmation point of a double top that formed around $3.16. Settling below the $2.70 smaller than target of the wave down from $3.159 will increase the odds for a test of $2.52 in the coming days.

There are no bullish patterns or signals that call for the move down to stall before reaching at least $2.70. Even so, should prices rise before taking out $2.70 look for today’s $2.82 midpoint to hold. Overcoming this will call for a test of key near-term resistance at $2.90.

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.