Commodities Analysis and Opinion
Natural Gas Explodes Higher, Eyes Overhead Price Target
2022.05.04 17:11
Inflation is felt the most with food and energy. Today we look at the latter, focusing on rising natural gas prices.
In particular, we look at the weekly chart of the United States Natural Gas Fund (NYSE:UNG). And, as you can see, prices are exploding higher.
UNG Daily Chart
The rise over the past two years has been substantial. And this strength has price breaking out of an 8-year falling channel at (1).
This has created a vacuum in which price can rally all the way up to resistance at $36. This resistance comes into play at the two prior peaks.
Will momentum carry the price there in short order? Natty gas is red-hot.
