Natural Gas Technical Analysis: Breathtaking Truce

Natural gas futures fell throughout the Friday session, despite the slight change in daily prices. September gas futures contracts in Nymex settled at $8.768 per million British thermal units, down 10.6 cents from Thursday’s close. The October contract fell 11.9 cents to $8,744.

There’s no doubt it’s been an interesting week in the gas market, as futures have risen for most of this week in the face of cold weather. Early on Friday, the outlook for continued cold seemed to be in the cards. The Nymex contract for September touched a low of $8,516 before the opening but rose after That comes to $8,919.

Meanwhile, weak Chinese economic data raised concerns about demand in the world’s largest energy importer, as government data showed that China’s economy slowed unexpectedly in July, while refinery production fell to 12.53 million barrels per day, the lowest level since March 2020.

Ethan Andrews

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