| Current Momentum Could Push Natural Gas Prices to $2.90 per MMBtu | |
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Natural Gas Prices Gained 2.45% Last Week (Part 3 of 3) (Continued from Part 2) Double bottom pattern
NYMEX-traded natural gas futures for June delivery show a double bottom pattern. Prices broke above the neckline on April 30, led by lower-than-expected inventory data. The improving demand consensus due to the warmer weather and supply estimates are swinging the gas prices in the near term.
Support and resistance
Natural gas prices increased for the fourth time in a row over the last five trading sessions. The current momentum could push gas to the key resistance of $2.90 per MMBtu (British thermal units in millions). Gas prices tested this mark in February and March 2015. The price rise is driven by the short-term demand hike led by warmer weather. Bearish traders could see support at $2.50 per MMBtu. Prices hit this mark in April 2015. The long-term oversupply concerns will drive natural gas prices lower.
Gas prices are trading above their 20-day moving average of $2.62 per MMBtu, but below their 100-day moving average of $2.89 per MMBtu. The double bottom pattern indicates that prices could hit $2.90 per MMBtu. However, the RSI (relative strength index) is in overbought territory. Prices fall from these levels.
Rising gas prices are positive for gas ETFs like the VelocityShares 3X Long Natural Gas ETN (UGAZ) and the United States Natural Gas Fund LP (UNG). They’re also positive for gas producers’ profitability like Cimarex Energy (XEC), Bill Barrett (BBG), and Apache (APA). These companies have a gas production mix that’s more than 40% of their total production. They account for 3.68% of the Spider Oil and Gas ETF (XOP).
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Bill Barrett Corporation
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CODE : BBG |
ISIN : US06846N1046 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Bill Barrett corp est une société d’exploration minière basée aux Etats-Unis D'Amerique. Bill Barrett corp est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 534,1 millions US$ (432,6 millions €). La valeur de son action a atteint son plus haut niveau récent le 05 juin 2015 à 9,67 US$, et son plus bas niveau récent le 19 mars 2018 à 4,84 US$. Bill Barrett corp possède 110 349 217 actions en circulation. |