TEL AVIV, Israel, March 6, 2012 /PRNewswire/ --
- On Monday Natural Gas dropped close to 5 cents, as predicted by the FXEmpire.com Team
It is very rare that the FXEmpire.com team hits a home run, the team usually make it to first base, often hit a groundball double, sometime a solid 3 bagger, but an out of the park homerun is unusual. Their overall goal is to provide our readers with accurate information and forecasts, without predicting the markets. The FXEmpire team analyzes data and fundamental information, so that their readers, that do trade have valuable non biased information. Over the past few weeks FxEmpire have continued to review their analysis and have predicted that Natural Gas will plummet seeking a bottom in the 2.36 range. Since February 29th, they have been forewarning their readers that this drop was coming, The Team has been continuously informing their site visitors that there were no real reasons to support the upswing in Natural Gas and as it climbed near the 2.80 level, The FxEmpire team published an article saying that this was rise in prices was crazy. Every now and then, it is nice to be able to brag and say we called this one right, and the FxEmpire Team has earned their rights this week.
Today, Natural Gas, bottomed, falling to 2.365 opening at 2.401. NG has dropped from the high of 2.807 just two weeks ago. Natural Gas is right back where it started on February 1, 2012, when the markets started to inflate.
This over production, without new uses or demands has increased inventories and pushed Natural Gas prices below estimates and projections. Natural Gas hit a bottom in February of 2.32 but moved back up to 2.80 on unimportant news and predictions of cold weather, and then begin to fall back down to find a bottom. NG as is trading around 2.47 at present and will most likely fall to the 2.42 number in March and then drop again when winter is officially over.
Natural Gas is down for the week at 2.466. Natural Gas continues to fall, with excess inventory and fewer days of winter. NG should slowly continue to fall throughout the week, possibly find a near bottom at 2.40
Natural Gas stayed in a tight trading range today, closing the day just about where it began. NG is trading currently at 2.482 having opened at 2.481. NG will continue to stay range bound until investors give up and move from their positions, as the winter days move past us, investors are hoping for one last blast of cold to push the prices back up or a news story that will give one last surge before Gas creeps to a bottom and sits there for months to come.
Natural Gas continues to fall. With excess inventory and winter almost over NG is looking for a place to sit for the next few months. Gas is trading at 2.478 falling from 2.587. Just a few weeks ago gas was hitting a low at 2.32, and is probably where it is headed to now.
Natural Gas should continue to slowly sink until it finds a bottom.
Natural Gas Weekly Fundamental Analysis February 27 - March 2, 2012, Forecast
Natural Gas ended the week at 2.686 after hitting a high earlier in the week of 2.825. NG has been in the news a good deal lately, with announcements from Chesapeake Energy with their future growth predictions along with news of more use of natural gas in the future and environmentalist concerns in regards to the process used to capture the gas. Inventories this week showed a drop as expected. Weather has been holding and winter is coming to an end along with the possible higher demand for NG. Natural Gas should bottom out over the next month.
Natural Gas is trading at 2.775 in today's session as investors pulled profits after NG surged close to 20% in less then two weeks. Earlier in the day Natural Gas hit a high of 2.79, last week NG topped out at 2.81 after moving up from 2.36 earlier this month. Winter days are running short and warm weather is predicted. Gas was seeking a bottom when inventory reports last week showed it below forecast, non the less there is still no reason for NG to continue to climb.
Irit R. COO
SOURCE FX Empire