Natural gas tests $3.19 resistance as supply cuts support recovery
Natural Gas is trading around $3.15–3.16/MMBtu on November 4, gaining approximately 1% after recovering from support around $3.00, which has repeatedly held back selling pressure in recent days. On the 4H chart, prices show an improvement in short-term momentum following a prolonged decline from October highs of $3.55–3.60.
Lower U.S. output and heating demand lift prices
A positive factor has been the recovery in U.S. natural gas futures: the December Henry Hub contract gained 1.4% in the previous session, closing around $2.895/MMBtu, while prices rose to approximately $2.92 on November 4. Prices are supported by reduced production at certain fields and a modest increase in expected heating demand in the northeastern and central states.
LNG demand offsets comfortable domestic supplies
Nevertheless, the U.S. market remains well supplied with natural gas, so even a relatively modest improvement in weather forecasts is not yet enough to support a sustained price recovery. Another factor is continued strong demand for U.S. LNG from European and Asian buyers, although export growth is constrained by existing terminal capacity. As a result, the current advance appears to reflect a combination of localized supply reductions and short covering rather than a significant shift in the fundamental balance.
EIA report could determine the next price move
The key event for market participants remains tomorrow's EIA natural gas storage report for the week ending October 30. Ahead of its release, NATGAS has returned above $3.05 and is testing resistance around $3.16–3.19, where selling interest persists, along with the risk of a decline toward $3.08–3.04. Nevertheless, there are currently no clear fundamental reasons for a major selloff. A decisive break above resistance, as I noted in the article Natural gas recovery stalls near $3.14 as supply concerns persist, would lead to a rise toward $3.21–3.25.
Latest Natural Gas News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
