Saudi Arabia and other OPEC members are seeking to persuade Russia on Wednesday to joining them in large additional oil output cuts to prop up prices which have tumbled because of the coronavirus outbreak.
This could be enough for now to give an upwards momentum to natural gas prices along with crude oil.
Moreover there is a decrease in ng stocks according to EIA's report last week.
Keep an eye on the outcome of the OPEC's meeting and OPEC+ in the next days.
Technical:
There is an upward movement to the RSI indicator and we are close to break the bearish trendline.
In conclusion it is very likely to reach higher levels in March and mid - April as long as the rumors about production cuts become reality.
For a very strong uptrend we must wait until coronavirus epidemic slows down and China start its imports once again.
As long as 1.75 remains support :
First Target 1.96
Second Target 2.11
This could be enough for now to give an upwards momentum to natural gas prices along with crude oil.
Moreover there is a decrease in ng stocks according to EIA's report last week.
Keep an eye on the outcome of the OPEC's meeting and OPEC+ in the next days.
Technical:
There is an upward movement to the RSI indicator and we are close to break the bearish trendline.
In conclusion it is very likely to reach higher levels in March and mid - April as long as the rumors about production cuts become reality.
For a very strong uptrend we must wait until coronavirus epidemic slows down and China start its imports once again.
As long as 1.75 remains support :
First Target 1.96
Second Target 2.11