Natural gas futures prices moved lower on Monday as the national weather indicates warmer than normal temperatures in most of the east coast and colder than normal on the west coast. As a result of low temperatures that did not affect most of the country, dry natural gas production in the United States fell 21.0 billion cubic feet per day, due to the inability of crows to operate. It may take 1-2 weeks before crows are able to recover and re-emerge in Texas.
Natural gas prices moved lower on Monday declining 4% but holding just above support near an incoming upward moving line near 2.93. Stability near the 10-day moving average is seen at 2.98. Short-term movement has turned negative as the fast stochastic created a crossover sell signal. The RSI (relative strength chart) has been overemphasized and has moved into the neutral range showing negative acceleration. A mid-term positive movement is misleading as the MACD (moving average moving average) histogram prints in a positive area with a sliding path that indicates confirmation.
While money prices build futures
As a result of lower low temperatures affecting most of the country, dry natural gas production in the United States fell 21.0 billion cubic feet per day declining from 90.7 Bcf per day on February 8 to about 69.7 daily on February 17, according to the EIA. The decline in natural gas production is largely due to freezing, which occurs when water and other elevations found in crude natural gas freeze at the wellhead and / or may be frozen. in natural gas collection lines near production activity, leading to flow inhibition.