3 Apr

Will Natural Gas Slide More?

WRITTEN BY Rabindra Samanta

Natural gas prices

On April 3, natural gas May futures fell 0.9% and settled at $2.68 per MMBtu (million British thermal units). On the same day, natural gas prices closed at the second-lowest level since February 20.

Will Natural Gas Slide More?

Will natural gas slide more?

In the trailing week, natural gas prices fell 2.4%. The outage at Cheniere Energy’s Sabine Pass liquefied natural gas export terminal in Louisiana and the forecast for less demand might have dragged natural gas prices. Based on the weather forecast on April 2, the total degree days for the next two weeks moderated from 209 on April 1 to 208, according to Refinitiv data. The expected total degree days are also below their 30-year normal of 217 at this time of the year. These factors could induce another fall in natural gas prices.

Moving averages

On April 3, the natural gas active futures were 4%, 4.1%, 19.2%, and 14.6% below their 20-day, 50-day, 100-day, and 200-day moving averages, respectively. Prices below these key moving averages indicate weakness in natural gas.

Natural gas–weighted stocks like Chesapeake Energy (CHK), Antero Resources (AR), and Cabot Oil & Gas (COG) might be sensitive to any changes in natural gas prices. Broader market indexes, like the S&P 500 Index (SPY), will likely be impacted by any changes in natural gas prices.

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