nymex

NYMEX Natural gas price has again surpassed $7 and may well have completed a corrective pullback from the February-April momentum and may soon be preparing to go to a multi-year high above $8.2.

Natural Gas spiked 110% from the Feb lows of $3.9 to a peak on April 18th

It spiked 110% from the Feb lows of $3.9 to a peak on April 18th, and its momentum is clearly in line with its Fibonacci retracement pattern touching 61.8% of the rally. Additionally, the bottom of the latest correction coincided with the previous price peak in October.

Renewing Natural gas growth momentum  - 1

In support of a bullish scenario for gas, its price showed a more than 7% jump on Monday

This transformation of former strong resistance into support is frequent in the markets. In support of a bullish scenario for gas, its price showed a more than 7% jump on Monday, despite the decline in oil.

 There is a fundamental reason for this ability to resist gravity: Europe is still looking for alternatives to Russian gas, and the first alternative is gas