XNGUSD || Update 28 Feb

Feb 28

Time Frame: 1 Hour
Anticipating a significant breakout of 7% above 1.852. 📈

• European natural gas futures rise to around $24.5 per MWh, showing a potential rebound from May 2021 lows.
  
• Mild temperatures until mid-March reduce gas withdrawal rates, maintaining high reserves at 63.8% capacity in Europe.
  
• Lower gas prices may increase demand from Asia, especially impacting LNG supplies.
  
• Potential unexpected outages in Norway pose a risk to market stability despite steady gas flows to Europe.
  

S

Feb 29

Trade active

🔸Stratergy: Bullish

🔸As per target given yesterday so far we have gained 5% profit.

🔸Nat-Gas Price Surge: April Nymex natural gas prices soared to a 3-week high, closing at a 4.26% gain as funds shifted long positions to the April contract.

🔸Warm Weather Dampens Rally: Despite the recent rally, above-average U.S. winter temperatures for March 1-13 are expected, potentially limiting a sustained surge in nat-gas prices.

🔸El Nino Impact: The ongoing strong El Nino weather pattern increases the likelihood of above-average temperatures, contributing to the overall bearish sentiment.