Commodities Analysis and Opinion
Why Are Natural Gas Prices Plunging?
2023.05.23 06:43
prices began this week with a drop, losing over 5% and trading for $2.5537/mmBtu. Last week was dominated by news of weak supply and low storage levels.
But a bearish sentiment has taken hold of markets on Monday, possibly driven by some profit-taking, as well as a forecast for warm weather that will arrive later than usual.
Natural gas traders are already focusing their analysis on the weekly EIA storage report from the EIA, where the impact of wildfires in Alberta, Canada, and lower wind energy production will become clearer.
Here’s a detailed looking at natural gas news and chart analysis.
