XNGUSD || Update 28 Feb
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.
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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.
🔸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.