Natural gas prices getting ready to soar..Our production portfolio is sitting at approx 20% natural gas, 80% oil... higher NG prices to give SP a kicker.... IMO.
Technical Analysis
Natural gas prices moved higher on Friday, making a higher low and a higher high. Prices appear to be forming a bull flag pattern which his a pause that refreshes higher. Prices recaptured short term support which is the 10-day moving average near 4.46. Additional support is seen near an upward sloping trend line which comes in near 4.27. Resistance is seen near a downward sloping trend line that come in near 4.71. Short-term momentum has turned positive as fast stochastic generated a crossover buy signal.
{alt}Domestic Demand Dipped
Total U.S. consumption of natural gas fell by 1% compared with the previous report week, according to the EIA. Natural gas consumed for power generation climbed by 2% week over week. Industrial sector consumption decreased by 1% week over week. In the residential and commercial sectors, consumption declined by 4%. Despite the cold front that moved through the country this week, the previous report week was also cold and actually had more population-weighted heating degree days. Natural gas exports to Mexico decreased 1%.
Natural gas prices getting ready to soar..Our production...
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