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At 12:54 GMT, Natural Gas Futures are trading $3.630, down $0.095 or -2.55%.
Where Are the Key Price Levels?
The immediate resistance now sits at $3.801, with a breakout above this level potentially opening the door for a move toward January’s peak at $4.020. On the downside, support is firm at $3.505, a key pivot level. A break below this could trigger a sharper decline toward the 50-day moving average at $3.192, signaling a deeper correction.
Momentum remains critical in the short term, as any sustained move below support could shift sentiment bearish. Conversely, a renewed push higher would reinforce the recent uptrend.
Weather, LNG, and Storage Keep Bulls in Play
A major cold front, driven by a Polar Vortex, is set to grip key demand regions from February 19-23, likely pushing heating demand sharply higher. With storage already drawing down at a faster-than-expected pace, the upcoming EIA report will be closely watched for signs of further tightening.
LNG exports remain a bullish force, with feed gas flows reaching 15.4 Bcf/day, up 3.8% from the previous week. U.S. exports are playing a critical role in balancing global gas markets, especially as European storage levels have dipped to 47% capacity, below the five-year average.
Meanwhile, the Trump administration’s decision to lift restrictions on new LNG export projects could add long-term bullish pressure. The policy shift could increase export capacity and reduce available domestic supply over time.
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