{"id":151208,"date":"2019-07-10T10:45:41","date_gmt":"2019-07-10T14:45:41","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=151208"},"modified":"2019-07-10T07:38:38","modified_gmt":"2019-07-10T11:38:38","slug":"natural-gas-analysis-eia-raises-us-natural-gas-consumption-forecast","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/07\/natural-gas-analysis-eia-raises-us-natural-gas-consumption-forecast\/","title":{"rendered":"Natural Gas Analysis: EIA raises US natural gas consumption forecast"},"content":{"rendered":"
July 10, 2019<\/div>
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By IFCMarkets<\/a><\/strong><\/p>\n

EIA raises US natural gas consumption forecast<\/strong><\/p>\n

The United States Energy Information Administration (EIA) raised its forecast for US natural gas consumption for 2019 and 2020. Will the NATGAS quotations<\/a> growth continue ?<\/p><\/blockquote>\n

EIA published the Energy Overview (Short-Term Energy Overview) for July. Compared to the June overview, gas consumption in the United States is expected to increase by 0.42 billion cubic feet per day to 84.59 billion cubic meters in 2019 and by 0.16 billion cubic feet per day to 2020 to 84.54 billion. In other words, gas consumption should be reduced in the United States next year. It is difficult to say whether this is possible. This EIA forecast assumes the recovery of US natural gas reserves. For a long time (from September 2017) they are below their 5-year average. And in March of the current year they were one third lower than this average. Large-scale plans to increase the export of American liquefied natural gas (LNG) can help reduce reserves and increase quotes for ordinary natural gas. In this and next years, several large LNG terminals will be launched in the USA. Note that, according to U.S. The Commodity Futures Trading Commission for the past week, the number of positions for the sale of natural gas (net short) reached a maximum since November 2015, and the number of positions for purchase (net longs) has been at a minimum since December 2011. If speculators are forced to close short positions, the upward movement of gas quotations may receive an additional impetus.<\/p>\n

\"Natgas\"<\/p>\n

On a daily timeframe Natgas: D1<\/b> broke up the downtrend resistance line and adjusted upward. Various technical analysis indicators have generated an uptrend signals. Further growth of quotations is possible in case of an increase in demand in the USA and a massive closure of short positions.<\/p>\n