Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Commodities

News : Commodities

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

Commodities : How Hot Can Nat Gas Get?

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/14/2017 | 06:05pm EST

The lower-than-expected build in natural gas inventories (28 bcf vs. expected 37 bcf) in the Weekly Natural Gas Storage Report released yesterday (Thursday, August 10) goosed the price of the nat gas futures.

Our technical work anticipated the move, and we still see continued upside for the futures as well as for the VelocityShares 3x Long Natural Gas ETN (UGAZ).

The positive juxtaposition of our nearer-term momentum gauges with the sideways price action on the nat gas futures chart (July contract) was one of the indicators we used, which you can see on the chart from August 8.

We actually added a long trade in UGAZ back on August 2, when the nat gas futures clawed their way above important resistance at 2.835, which corresponded to a price of 11.07 in the UGAZ.

As we now know, natural gas rocketed yesterday above the July 31 unfilled downgap area at 2.89-2.92, towards a challenge of the next significant resistance zone at 2.97-3.00.

If hurdled and sustained, this will trigger potential for a run at multi-month resistance at 3.10-3.11.

The UGAZ has already exceeded our initial initial target of 12.40, and is up over 15% since we added it, with our next target at 13.25.

See our charts on nat gas futures both on Aug 8 and then on Aug 10 after the move.


Mike Paulenoff
© MarketScreener.com 2017
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Commodities"
02:05pU.S. sanctions on Venezuela would reroute crude, leave refiners short
RE
02:04pWALL STREET STOCK EXCHANGE : Oil down on U.S. stock market weakness, rising U.S. supply
RE
01:22pPETROLEO BRASILEIRO PETROBRAS : Sources Say Private-Equity-Backed Oil Company's Bid Rejected by Petrobras -- Reuters
DJ
01:05pDespite 60 percent support, Canada's Husky scrapped MEG oil merger
RE
12:13pWALL STREET STOCK EXCHANGE : Oil turns negative on U.S. stock market weakness
RE
12:04pEQUINOR : Norway gas to benefit from end to coal in Germany - Equinor
RE
11:19aOPEC cuts, outages give physical crude a New Year lift
RE
11:18aNK ROSNEFT' : Rosneft halted oil output at 1,200 wells after fire this month - source
RE
11:16aNEWS HIGHLIGHTS : Top Energy News of the Day
DJ
11:06aCONSOL COAL RESOURCES LP : Greenlight's Einhorn tweaks portfolio, says CFO to leave
RE
Latest news "Commodities"
Advertisement