Last week trading close on Friday 06th July witnessed the biggest pullback in commodity price in four weeks. Nat Gas retraced to $2,776 after reaching extended $3.00 per MBtu representing 5,7% drop.
UK July delivery Gas traded at 58,4 p a therm at the close of Friday trading comparing to 58.45 p a term on Thursday. August Futures Gas dropped 0.8p to 56.95p. equivalent tp $8.82 per MBtu.
Technical Analysis picture is showing Bullish breakout above inversed Head and Shoulder neckline. Current support levels on the downside are located at 2.61 followed by 2.51. Alternatively, return above 3.00 could potentially target 3.25 followed by 3.50 over the medium time fame. Indicator and oscillator like MACD and Stoch are showing overbought position, indicating short term consolidation or possibility of a pullback.
Alfa Energy Group
Alfa Energy Group, an Edison Energy company, is an international energy, sustainability and technology consultant partner with 250 employees over 3 international locations. For over 25 years, Alfa has been servicing its clients’ needs through energy and water management, sustainability, and compliance consulting, and an intuitive ecosystem of user-driven energy, water, and carbon management software platforms. With coveted awards, an international industry-wide recognition, and clever simple solutions, today Alfa is partnering with clients to establish and deliver pivotal net zero strategies. Through smart energy management, the expertise and diligence of its people, transparent processes, and data management, Alfa continues to lead through its recognised gold standard of service delivery.
