Natural
Natural Gas Fundamental Analysis February 10, 2012, Forecast

Natural Gas Fundamental Analysis February 10, 2012, Forecast

Economic Events: (GMT)

WEEKLY

 

Analysis and Recommendations:

Natural Gas added to gains after Chesapeake Energy Corp. said it has curtailed a little more than 500 million cubic feet equivalent of daily gas production in the U.S., in line with a plan the company laid out on Dec. 23.

The company will cut back as much as 1 billion cubic feet a day in total this year, if market conditions warrant it, according to a company spokesman. A reduction in production means lower supply and therefore increases demand hopefully driving prices. Investors agreed jumping into the markets and pushing the price as high as 2.59

Aslo the Energy Information Administration data showed a smaller-than-expected decline for gas in storage: 78 billion cubic feet for the week ended Feb. 3. That contrasts with expectations of a decline between 84 billion and 88 billion cubic feet

Natural Gas was up  3 cents, or 1.2%, at $2.48 per million British thermal units.

Natural Gas Pivot Points (Time Frame: 1 Day)
 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
2.1743
2.2852
2.3753
2.4862
2.5763
2.6872
2.7773

Fibonacci
2.2852
2.3619
2.4094
2.4862
2.5629
2.6104
2.6872

Camarilla
2.4102
2.4287
2.4471
2.4862
2.4839
2.5023
2.5208

Woodie's
-
2.2800
2.3650
2.4810
2.5660
2.6820
-

DeMark's
-
-
2.6317
2.5139
2.4308
-
-