Natural Gas remains silent with prices not moving while Freeport opens up

• 
  Natural
  Gas
  comes
  to
  a
  standstill
  and trades
  sideways
  in
  a
  tight
  range. 
• 
  Traders
  are
  looking
  for
  good
  news
  out
  of
  Freeport,
  where
  production
  should
  reopen.  
• 
  The
  US
  Dollar
  index
  trades
  flat
  above
  105.00
  and
  looks
  for
  direction
  after
  a
  boring
  Powell
  speech. 

Natural
Gas
price
(XNG/USD)
is
unable
to
extend
the
bounce
it
triggered
on
Monday
and
trades
steady
in
a
tight
range
on
Wednesday.
The
more
than
ten-day
correction
finally
snapped
after
Natural
Gas
reached
a
pivotal
level
at
$2.29
and
has
been
afloat
since
then.
Traders
are
on
the
lookout
for
any
news
from
the
Freeport
production
plant
in
the
US
after
storm
Beryl
forced
to
reduce
production
sharply
to
only
20%,
creating
uncertainty
about
Gas
deliveries
for
Europe
and
other
parts
of
the
world. 

Meanwhile,
the
US
Dollar
Index
(DXY),
which
tracks
the
Greenback’s
value
against
six
major
currencies,
is
also
having
some
issues.
US
Federal
Reserve
(Fed)

Chairman
Jerome
Powell
was
unable
to
deliver
anything
new
in
his
semi-annual
testimony
before
the
US
Congress.
Traders
are
facing
boredom
in
hearing
the
same
repeated
message
again
that
it
is
too
early
to
cut
interest
rates. 

Natural
Gas
is
trading
at
$2.35 per
MMBtu
at
the
time
of
writing.  

Natural
Gas
news
and
market
movers:
Silence
is
deafening
in
the
futures
market

• Traders
  are
  looking
  for
  clues
  about
  whether
  the
  Freeport
  plant
  in
  Texas
  can
  reopen
  back
  in
  full
  after
  it
  had
  to
  reduce
  production
  due
  to
  storm
  Beryl
  passing
  in
  the
  region,
  according
  to
  Reuters.
• China
  demand
  might
  remain
  curbed
  at
  current
  Gas
  prices,
  with
  Chinese
  traders
  only
  interested
  in
  buying
  contracts
  below
  $2.00,
  according
  to
  Bloomberg. 
• Newsbase
  reports
  that
  the
  US
  Treasury
  Department
  has
  extended
  authorization
  to
  export
  and
  re-export
  Liquefied
  Petroleum
  Gas
  (LPG)
  to
  Venezuela
  until
  July
  8,
  2025. 

Natural
Gas
Technical
Analysis:
Get
things
moving

Natural
Gas
price
has
bounced
right
off
the
support
level

FXStreet
mentioned
in
previous
articles
at
$2.29
on
Monday,
with
the
100-day
Simple
Moving
Average
(SMA)
alongside
the
green
ascending
trend
line
in
the
chart
below
as
support.
The
bounce,
though,
is
not
really
playing
out
as
Gas
prices
are
rather
going
sideways.
Markets
will
await
a
catalyst
to
either
retest
that
support
again
or
send
Gas
prices
higher.  

The
200-day
SMA
is
the
first
force
to
reckon
with
on
the
upside,
near
$2.51,
closely
followed
by
the
55-day
SMA
at
$2.62.
Once
back
above,
the
pivotal
level
near
$3.08
(March
6,
2023,
high)
remains
key
resistance
after
its
false
break
last
week. 

On
the
other
hand,
the
support
level,
which
could
mean
some
buying
opportunities,
is
$2.29,
the
100-day
SMA
that
falls
in
line
with
the
ascending
trend
line
since
mid-February.
In
case
that
level
does
not
hold
as
support,
look
for
the
pivotal
level
near
$2.13,
which
has
acted
as
a
cap
and
floor
in
the
past. 

Natural
Gas:
Daily
Chart