State bulls of natural gas rely on cold winter, as is clear after the rise in US gas futures. March's gas futures traded with a big difference from that out in April, with traders taking advantage of this expanded spread to rely on higher demand at the end of the heating season.
According to John Killduf from Again Capital, the increased demand for gas in the US will seriously affect the country's gas reserves, expecting a sharp increase in the winter.
At present, the gas price is in broad consolidation, looking short-lived, breaking through diagonal and horizontal resistance. We have a reversed Head And Shoulders and neckline breakthrough, while traded volumes are upward - positive for the price. Sequential has started a new count before the breakthrough - positive for the price. The first level of resistance is the horizontal resistance at levels around $ 3.30.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
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