MTECHTIPS;- Natural Gas Price Fundamental Daily Forecast

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MTECHTIPS;- Natural Gas Price Fundamental Daily Forecast 

MTECHTIPS-Natural gas is trading higher early Tuesday after posting a dramatic reversal the previous session. Although the market settled slightly lower the previous session, the price action serves as further proof that the battle lines between the bulls and bears have been drawn. The bulls do not seem to be worried about record production levels because they are banking on hotter weather forecasts for the end of August and early September to continue to drive up demand. At 0829 GMT, October Natural Gas futures are trading $2.965, up $0.033 or +1.13%. More significantly, buyers seem to be willing to buy strength, which means they may attempt to trigger a breakout over last week’s high at $2.979. The combination of new buying combined with buy stops could spike prices into the June tops at $2.995 and $3.025. This is significant because there are still two months left before the winter heating season begins. Buyers are betting that increased demand will significantly dent the strong production enough to lead to smaller-than-average weekly storage injections. This will mean that the winter heating season will begin with a wider-than-expected supply gap

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