Gas stock lower while oil recovery stalls
By Jenal Mehta
On Friday, US Natural Gas prices traded around $3.50, continuing on their winding movement between $3.50 and $4.50 price range.
In their weekly natural gas storage report, the US Energy Information Administration (EIA) noted a fall in natural gas stocks this week of 59 billion cubic feet (bcf). These levels are 9.2 bcf lower than this time last year, and 2.5 bcf lower than five year average, both of which maintain an upward pressure on price. The upper limit on price appears to be sustained due to lower demand for heating needs in the US.
Significant value was wiped out after the Covid-19 Omicron variant discovery, with oil prices dropping more than 12% over night between 25 and 26 November. Almost two thirds of the value was recouped after health officials and governments announced that this variant does not pose a significant public health risk. However, even after further reassurance from Pfizer about their vaccines protecting against the new variant, the oil market recovery appears to have stalled.
- Day range: $73.93 - $75.74
- 52-week range: $48.09 - $86.70
- 52-week price change: 47.24%
- 10-day Exponential Moving Average (EMA): $74.44
- 14-day Relative Strength Index (RSI): 45.31
- Day range: $70.32 - $71.86
- 52-week range: $45.52 - £83.83
- 52-week price change: 50.79%
- 10-day Exponential Moving Average (EMA): $71.00
- 14-day Relative Strength Index (RSI): 45.42
- Day range: $3.77 - $3.92
- 52-week range: $2.26 - $6.47
- 52-week price change: 50.53%
- 10-day Exponential Moving Average (EMA): $4.08
- 14-day Relative Strength Index (RSI): 36.12