Natural Gas prices extend losses on Thursday after falling more than 3% on Wednesday. Traders are selling Gas contracts with a stronger US Dollar killing off global economic recovery. The US Dollar Index snaps March’s peak and rallies to test February’s highs. Natural Gas sank below $1.80 on Thursday after prices already slid by more than 3% on Wednesday.
Further downside pressure is possible with the heating season ending and the summer lull in Gas markets ahead. On the upside, the key $1.97 level needs to be regained first, with the 55-day Simple Moving Average coming in as well. The next key mark is the historic pivotal point at $2.13. Should Gas prices pop up in that region, a broad area opens up with the first cap at the red descending trend line near $2.21. On the downside, multi-year lows are still nearby with $1.
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