Analysis and Recommendations (Natural Gas Forecast):
Natural Gas continued to climb adding 2 points to reach 2.937 ahead of today’s inventory as the weather in the US turns to summer earlier than forecast. The bullish momentum could drive natural gas prices to the critical resistance of $3 per MMBtu (British thermal units in millions). Prices tested this level in January 2015. The key support for natural gas is seen at $2.50 per MMBtu. Gas prices tested this mark multiple times in April 2015. The rising inventory could drive gas prices lower.
Natural gas advanced to an 11-week high on speculation that demand for the power-plant fuel will rise.
Plants will burn 13 percent more gas this year to average a record 25.21 billion cubic feet a day, according to data from an Energy Information Administration report Tuesday. The government raised its estimate from 24.9 billion in last month’s outlook.
Temperatures will be above normal on the East Coast through May 27, according to MDA Weather Services in Gaithersburg, Maryland. The high in New York on May 27 may be 83 degrees Fahrenheit (28 Celsius), 9 more than average, AccuWeather Inc. said on its website. Government data scheduled for release Thursday may show gas inventories rose by 117 billion cubic
AccuWeather US Forecast Outlook:
The combination of a cool front swinging in from the Midwest and moisture from a diminishing Ana will bring an end to the summerlike weather in the Northeast early in the new week.
Minor travel delays are possible in parts of the Northeast Monday and Tuesday, following several days of warm and tranquil weather.
Following a Mother’s Day weekend in which many areas will experience high temperatures in the 80s under strong sunshine, increasing moisture will lead to an uptick in showers and thunderstorms from Sunday afternoon into Tuesday.
Monday will be more active than Tuesday across the mid-Atlantic.
The July-like pattern will deliver AccuWeather RealFeel® Temperatures in the 90s in many cities during the afternoon hours.
At first into Sunday evening, thunderstorms will be very spotty in nature. However, an increasing southerly flow of air ahead of the front will help to draw leftover moisture from Ana northward along the mid-Atlantic coast by Monday.
ForexTraq provides in-depth analysis for each currency and commodity we review in forex trading. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information for Natural Gas in our weekly reports.
Natural Gas Weekly Update
Release Schedule: Thursday between 2:00 and 2:30 p.m. (Eastern Time)
Weekly Natural Gas Storage Report
Release Schedule: Thursday at 10:30 (Eastern Time) (schedule)
Natural analysis forecast
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