Natural Gas news and market movers: Supply is flowing
- Norwegian gas operator GASSCO is showing that gas flows from Norway into Europe are above their 5-day average volume, according to Bloomberg.
- Northwestern Europe will see high temperatures returning by the weekend, which means energy consumption to pick up.
- Reuters reports that the French energy company TotalEnergies has notified South Africa's petroleum regulator of its plans to exit its offshore gas field but has yet to submit a formal request to do so, a source at Petroleum Agency SA said.
Natural Gas Technical Analysis: Still room to go
Natural Gas price has snapped the important 200-day Simple Moving Average (SMA) support near $2.53 and is ekeing out more losses. With that break lower, Gas price is now trading below $2.50. A very wide area is opening up now where gas prices could still sink around 8% lower, before the Relative Strength Index (RSI) reaches the oversold barrier.
The 200-day SMA turns now as a resistance, near $2.53. Once back above there, the pivotal level near $3.08 (March 6, 2023, high) remains key resistance after its false break last week, which is still 20% away. In addition, the red descending trendline in the chart below at $3.10 will also weigh on this area as a cap. Further up, the fresh year-to-date high at $3.16 is the level to beat.
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