Natural gas prices are steadily rising 4.1% after climbing a strong 16.7% on Monday. Most of the US weather is expected to remain warm for the next two weeks as demand for natural gas increases. There is a disturbance in the Atlantic Ocean that has a 30% chance of forming a tropical storm according to NOAA. This storm is unlikely to cause any issues for natural gas infrastructure. US LNG exports remained unchanged for the week.
The prices of natural gas continued to rise steadily. Support is seen at a July high of 146. Resistance is seen near the May high at 165. The 10-day moving average went above the 50-day moving average, which means that a medium-term uptrend is now in place. The short-term momentum is positive because the recent rapid stochastic generated a crossover buy signal. The medium-term speed is also positive because the MACD (moving average convergence deviation) prints a histogram in black with an upward tilted trajectory that points towards higher prices.
LNG Exports were flat
US LNG exports are flat week to week. According to EIA shipping data, seven liquefied natural gas vessels with a combined LNG-carrying capacity of 25 BCF departed the US between July 23 and July 29, 2020.