Natural gas prices fell on Tuesday
Natural gas on the technical side
Natural gas prices fell on Tuesday, influenced by steady demand, after rising sharply on Monday to reach their highest level in a week.
The forecast of hotter US weather, which will boost the demand for natural gas from electricity providers to power has prompted an increase in the use of air conditioners.
However, rising temperatures in North Asia may increase demand for LNG, diverting some shipments from Europe.
At the same time, fears of weakening global growth due to the sweeping tariffs imposed by President Trump on major trading partners, which may adversely affect energy demand, are restraining rising gas prices.
Natural gas on the technical side
Natural gas is still trading within a narrow range in an ascending price channel on the daily frame.
During last week's trading, natural gas rebounded from the uptrend levels on the daily frame near the USD 3.10 levels.
We expect the rise to continue towards the levels of 3.5 USD and then 4 USD in the near and medium term.
This scenario fails if the USD 2.8 levels break down.
