(VIANEWS) – Spot natural gas prices (CFDS ON NATURAL GAS) continued to rise in early trading on Wednesday, to achieve new daily gains until the moment of writing this report, by 2.29%. It settled at a price of $7.111 per million British thermal units, after its progress during yesterday’s trading and for the seventh consecutive day on respectively.

US natural gas futures settled at a two-week high, on fears of a possible rail strike, offsetting expectations that heating demand will fall as the weather turns milder than usual. Traders also noted that the market will be able to restart the Texas LNG export plant in mid-December as planned. For the plant, increasing demand for gas at the same time as cold winter weather will boost heating demand.At the same time, natural gas trading comes with continuous gains in recent days after a historic snowstorm hit New York state over the weekend.

The Weather Service’s updated 3- to 4-week forecast covering early to mid-December suggests that cooler-than-normal conditions will return in nearly the northern US, which could boost heating demand again.Natural Gas Technical Analysis.

Technically, the price continues to rise amid being affected by the breach of a short-term corrective slope earlier.This is shown in the attached chart for a period (daily), with the positive pressure continuing to trade above its simple moving average for the previous 50 days.In front of that, we notice the beginning of the emergence of a Negative crossover on the relative strength indicators, after reaching overbought areas, which may curb the upcoming commodity’s gains.

Expectations indicate the continuation of the rise of natural gas during its upcoming trading, as long as support remains at 6.412, to target the 7.788 resistance level.Ready to trade our FX Natural Gas analysis today? We’ve shortlisted the best commodity brokers in the industry for you.

Natural Gas (NG) has been up by 27.99% for the last 21 sessions. At 13:52 EST on Wednesday, 23 November, Natural Gas (NG) is $7.28.

Volume

Today’s last reported volume for Natural Gas is 42458, 99.99% below its average volume of 5701971506.35.

Volatility

Natural Gas’s last week, last month’s, and last quarter’s current intraday variation average was 1.17%, 1.76%, and 3.72%, respectively.

Natural Gas’s highest amplitude of average volatility was 1.71% (last week), 5.04% (last month), and 3.72% (last quarter), respectively.

Commodity Price Classification

According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, Natural Gas’s commodity is considered to be oversold (<=20).

More news about Natural Gas (NG).

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