Natural Gas is still trading near last week’s high, with $3.64 as the level to keep an eye on. The biggest and foremost element that is underpinning Natural Gas prices at the moment is the lingering risk of a proxy war on the horizon. With
Natural Gas prices steady near $3.54. The US Dollar undergoes profit-taking in this year’s long-USD trade. Natural Gas prices could easily still jump once additional countries are getting involved in the conflict. Israeli troops having surrounded Gaza city, pressure remains elevated with potential of a full blown war in the Middle East still a possible outcome which would see Gas prices soar to $4.00.
Once the likes of Iran, Saudi Arabia and other countries in the region start mobilising forces, a chunky risk premium needs to be priced in. Expect to see a quick sprint to $4.33, the high of 2023. On the downside, the upper boundary of the old trend channel which persisted from April to October will probably act as support again, near $3.42. If that gives way, Natural Gas prices could fall to $3.28 to find support and bounce off the green ascending trend line.
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