By: Heather Wine, Senior Risk Manager - Energy
LNG feedgas demand continues to provide strength. Platts shows feedgas demand totaled 14.8 BCF the past 2 days. Early estimates this morning show feedgas demand at 14.3 BCF.
We are seeing more cold weather support this morning with prices trading flat to higher. Strong output and expectations for larger than normal injections over the next few weeks could keep upward momentum limited.
The May 23 natural gas contract continued higher on Monday following Friday’s bullish reversal gaining .161 or 7.6% to close the day at 2.275.
The May contract is currently down .040 at 2.235 after holding under 40 day moving average resistance on Monday’s high and in the current session.
There has only been one daily close above the 40 day average since mid-December at 2.335 today. If 40 day moving average resistance is broken, a post-winter low should be in place.
10 day moving average support is at 2.135 today with longer term weekly low support at 1.944.
Moving Average Alignment – Bearish
Long Term Trend Following Index – Bullish
Short Term Trend Following Index – Bullish
Relative Strength Index – 49.64
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