Yahoo Finanza Natural Gas Prices Surge Higher on LNG Flows
Natural gas prices continued to surge higher as LNG flows hit a record. Traders in the Gulf were purchasing spot gas to use for LNG for the energy needs of the Europeans. The weather is expected to be much colder than normal in the South during the next 6-10 days. Over the next 8-14 days, the weather throughout most of the mid-West and East Coast are expected to be colder than normal.
Technical Analysis
On Friday, natural gas prices continued to rally sharply, breaking out. Prices rallied another 8.25%. This movement followed Thursday’s prompt contract surge to 10-year highs. Support is seen near the 200-day moving average on the March contract at 4.13. Medium-term momentum is positive as the MACD (moving average convergence divergence) histogram is printing in positive territory with an accelerating trajectory which points to higher prices.
Natural Gas LNG Flows Surge
Natural gas flows to Cheniere Energy’s Sabine Pass liquefied natural gas export terminal in Louisiana is setting record volumes. These flows have been fueled by purchases at Henry Hub, which is where the natural gas contract is settled. U.S. gas cargoes are going to energy-starved Europe. Gas flows to the plant hit a record 5.1B Bcf per day on both Thursday and Friday last week.
This article was originally posted on FX Empire
