| Natural Gas Prices Trade above 100-Day Moving Average May 14 | |
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Natural Gas Hits $3 per MMBtu despite Record Inventories (Continued from Prior Part) Downtrend channel
June natural gas futures show the emergence of a downtrend channel. Prices broke above this channel in early May 2015. Since then, prices have been oscillating in an uptrend channel. Improved demand outlook and warmer weather are driving natural gas prices higher.
Key pivots
The bullish momentum suggests prices could continue this rally and hit the key resistance point of $3.2 per MMBtu (British thermal units in millions). Prices tested this level in January 2015.
Demand from power plants and warmer weather could drive natural gas prices higher. On the other hand, massive production will continue to put downward pressure on gas prices. The key support for gas prices is at $2.50 per MMBtu. Gas prices hit this mark in April 2015.
Gas futures for June delivery traded at their 100-day moving average as of May 14, 2015. The uptrend channel suggests prices could fluctuate between $2.70 and $3.20 per MMBtu in the short term. In contrast, the RSI (relative strength index) is in overbought territory. This suggests a possible fall in gas prices.
The performance of ETFs such as the VelocityShares 3X Long Natural Gas ETN (UGAZ) and the United States Natural Gas Fund LP (UNG) is positive due to higher gas prices.
Higher prices also benefit oil and gas stocks like Apache (APA), Nobel Energy (NBL), and Laredo Petroleum (LPI), whose natural gas production mix makes up more than 40% of total production. These stocks account for 4.21% of the SPDR Oil & Gas Exploration & Production ETF (XOP).
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Noble Energy
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CODE : NBL |
ISIN : US6550441058 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Noble Energy is a producing company based in United states of america. Noble Energy is listed in United States of America. Its market capitalisation is US$ 4.9 billions as of today (€ 4.1 billions). Its stock quote reached its highest recent level on May 09, 2008 at US$ 97.39, and its lowest recent point on August 31, 2020 at US$ 10.00. Noble Energy has 492 191 992 shares outstanding. |