Natural gas prices were nearly unchanged on Friday following news that natural gas rigs were unchanged according to Baker Hughes. The oil service giant reports the rig count each week. This week Baker Hughes reported that the number of oil and gas rigs in the US fell again this week by 21 a than 68% drop off in a single year. The total number of active gas rigs in the United States held at 79 according to the report. This compares to 186 rigs a year ago. With oil rigs continuing to move offline, prices should eventually find a bottom. The weather in the US is expected to be normal for the next 2-weeks, with some portions of the south getting cooler than normal weather.
Natural gas prices were nearly unchanged on Friday and notched up a 5.3% gain for the week. The first 2-trading session of the week was positive, but they were offset by down days on Wednesday and Thursday. Support is near the 10-day moving average at 1.74. Target support on natural gas is seen near the May lows at 1.60. Resistance is seen near the 50-day moving average seen near 1.84. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal. Medium-term momentum is negative to neutral as the MACD (moving average convergence divergence) histogram is printing in the red with a flat trajectory that points to consolidation.
This article was originally posted on FX Empire
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