Natural Gas Prices Hit A 4 Year Low
Natural Gas Futures—Natural gas futures in the March contract settled last Friday in New York at 1.91 while currently trading at 1.71 lower for the 3rd consecutive session while hitting a 4 year low.
Fundamentally speaking according to Energy Weather Group the U.S. winter through January is the 2nd warmest winter season in 70 years which has reduced heating demand for natural gas coupled with elevated inventories.
At the present time all commodity sectors including U.S equities are on the decline as nobody wants to own anything until the Coronavirus shows more clarity. The next major level of support is all the way down at the 150 level as I see no reason to be a buyer at this time as the entire energy sector is experiencing bearish trends and if you are short stay short as gas prices are trading far below their 20 & 100 day moving average as the trend clearly is to the downside.
CHART STRUCTURE: POOR
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