Commodities
Nat Gas Prices Stalled at $2.85 Amid Seasonal Consolidation
Natural gas prices have stalled at $2.85 as they face resistance from the 50-day EMA, according to FXEmpire's analysis.
The market is expected to shift its focus to the October contract soon, which typically takes into account autumn temperatures and seasonal fluctuations in demand.
A storage glut and potential export needs due to European demand are also being monitored by traders. However, technically speaking, natural gas prices are consolidating, a common pattern in this market.
The 50-day EMA above the current price acts as a barrier, and breaking above it could lead to a target of $3 for natural gas prices. For now, analysts suggest fading on signs of weakness due to seasonal patterns.