Natural Gas (XNG/USD) prices are heading higher for a second consecutive day driven by a pickup in demand from the Middle East and some North African countries.
Natural Gas price are rallying on the back of surging demand in the Middle East. Several African and Middle Eastern countries use Gas to power air conditioning. The US Dollar Index slips further, barely holding above 105.00. Natural Gas prices are heading higher for a second consecutive day driven by a pickup in demand from the Middle East and some North African countries. The best example is Egypt, where Gas exports have already decreased to meet local demand.
10 are still to be considered, seeing the several false breakouts during the recent weeks. Further up, the next level to watch is the January 25 high at $2.33 before looking at the 200-day SMA at $2.54. On the other side, the $2.00 handle has worked as nearby support for now. Further down, a trifecta of support is formed at $1.88, with the ascending and descending trend lines crossing and the 55-day SMA. Should that level break, expect a quick downward movement to the year-to-date low at $1.60.
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