Natural Gas Forecast 17/04: Prices Stay Weak (Video&Chart)

(MENAFN- Daily Forex)

The natural gas markets continue to look very weak, despite the fact that the price rose slightly on Thursday. This market is still a soft one, as the season isn't conducive to higher pricing.

From Daily Forex, this is Christopher Lewis taking a look at the natural gas markets. The natural gas markets will continue to be a place of ugly trading from what I can see as although we have rallied slightly, the reality is that it is a situation where anytime we rally, you have to think that it is a selling opportunity.

It is an American contract, nothing more, nothing less, that 99% of you are trading. So if you want to understand why the market is not exploding to the upside with everything that went on in the Middle East, it's because there's more than enough natural gas in the United States Exhaustion and Bearish Targets

Furthermore, there is no concerns about the supply of natural gas and with that being the case, I think if we do get a little bit of a bump - and we will occasionally - it should end up being a selling opportunity. This is a market that I think has a major ceiling at the $3 level and any bounce from here that gets anywhere near that and shows signs of exhaustion for me is an opportunity to start shorting.

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The $2.50 level underneath is a large round psychologically significant figure that I think is a target and probably will be visited fairly soon and as a result, I continue to look at this as a bearish market. The heating demand is nonexistent and cooling - well, it's not hot enough yet to start firing up a lot of air conditioners - so we are in one of the worst times of year and I think that continues.

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