Natural Gas (NG1) Down 2.74%; Crosses 100 Day Moving Average

Natural Gas Daily Price Recap

1.881 was the closing price of the day for Natural Gas, resulting in today being one in which price moved down 2.74% ($0.053) from the day prior. Out of the 6 instruments in the energy commodity asset class, Natural Gas ended up ranking 5th for the day in terms of price change relative to the day prior. The daily price chart of Natural Gas below illustrates.

Natural Gas Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Natural Gas crossed below its 100 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to view things another way, note that out of the past 10 days Natural Gas’s price has gone up 5 them.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Natural Gas for the past day were:

  • From Bananenrijperij:

    @BadgersNo @JoeTheAtheist @OscarsWild1 @IngersolRobert @insane_voice @maya_phd @CymaticWave @RuleByLogic @DonWils13730132 @SimonMaxfield8 @TheDisproof @JsharkJill @Jamz129 @swcrisis @KCTaz @Gladfly1 @AtomsksSanakan @baletown_crawl @leonardjcohen @Kenneth72712993 @FrankWi74044551 @fknsavages27 @eloarefab @PolAnimalAus @GillesnFio @ncdave4life @Tangomitteckel @EthonRaptor @MATTP1949 @ClimatePoet @HVACPerformance @heisenburgal2o3 @DawnTJ90 @Achilles_1985 @ROosten @Tokyo_Tom @stevethib @Schtickery @horrdorr @Albert_Redstone @WadeKendall4 @NikolovScience @tracemetalclean @PierreTherrie14 @foresaken1 @Vieux_Rhone @dvibrationz @pinangodan @AOECOIN @FactFascist I did burn some coal once, that at least contains some fossils. But my home is connected to our natural gas grid and my car runs on petrol. Those are renewed by earth’s internal heat engine. Our planet is the biggest chemistry set in the planet 👍

  • From yes_we_cat:

    @comradeyoza @PobudkiewiczP @DexisKenway @nifkadimnohahim @VeronicaTalbot9 @Scribejohnm @gagne_laurent @TiranaBloohn @Anticonspiracy2 @Artspeakcentral @NKippur @dlsmith0817 @bad_bec @CharlieLoo7 @malkaavram @themoiety @ChaimYankel18 @epulv @nigeltheleftist @ephshalom @ravvermont @ElBluemountain @JillGore8 @robinsonmsr10 @HawardDaniel @go_vivo @bigHVan @NSRoundtable @fladjah @AaIsrael2 @Wine48066724 @fishwallah @TeddysMom8 @BaronieSisters @brainwaves89 @E_Superdoom_Esq @raelk2 @Have_Sabr @wherepond @joannelo72 @Arrivaissues @Leah_Krystina82 @MarilynShephe15 @zoolooy @vafairman @IshKabi @inshallah1001 @questionsin2014 @LollllllaJR What you’re doing is called not thinking. No political support means IDF no longer has to restrain its forces… at all.Now go activate that gray jelly between your ears and figure out what exactly will it mean.Hint: Israel is energy self-sufficient thanks to natural gas.

  • From laurenesab:

    Today, I had to call a tech to the house bc natural gas, my mom took a really nasty fall, and I had at least two pretty dramatic fights with people I’d rather not fight with. What comforting shit can I get into to wind down from this ass terrible day?

In terms of news links for Natural Gas here’s one to try:

What rock-bottom natural gas prices mean for Canada’s aspiring LNG industry | The Narwhal

“LNG: From Hero to Zero.” “Giant LNG projects face coronavirus death or delay.” “The LNG market is ‘imploding.’ ” As most people focus on the oil price collapse, scant attention has been paid to the similarly poor fortunes of another fossil fuel — one in which B.C. is heavily invested through the LNG Canada project….No one’s building anything unless they’ve got a substantial portion of their capacity that’s under long-term contracts.” In January, before the pandemic took hold, Asian spot market prices for LNG had already dipped to US$5.50 per one million metric British thermal units (mmBTU).  That was already a 50 per cent reduction from the spot price in October 2018, when LNG Canada announced its final investment decision….That’s the equivalent of about 9.5 mmBTU — which means it would cost $25 to heat the average new Canadian home for a year at current northeast Asian spot prices for LNG.  About 70 per cent of the world’s LNG is sold through long-term contracts, with the remainder offered on the spot market.  Details of long-term, locked-in supply contracts are confidential, but analysts say the contracts have traditionally had a price mechanism linked to oil, such as Brent crude or what’s known as the Japanese Crude Cocktail, a weighted average.  Enter the oil price collapse.  When oil prices fall, the contract price for LNG that’s tied to an oil price falls, too, Ineson said….And that’s what they’re trying to avoid.”  LNG Canada consortium members have signed a handful of long-term contracts with buyers, including one with Japan’s JERA, the world’s largest purchaser of natural gas, for 1.2 million tonnes of LNG a year.  Trading house Vitol has signed a contract for 0.8 million tonnes of gas from LNG Canada annually….Ineson said it’s unlikely LNG prices will become negative like oil prices, meaning companies would have to pay a buyer to take cargos off their hands.  Instead, he said gas flows to LNG terminals will be curtailed, less gas will be liquefied and LNG tankers won’t sail as often.  “The LNG business is going to test its limits of flexibility and will ultimately have to balance by shutting down some capacity,” he said….Already, gas flowing to U.S. LNG export facilities is down by almost one-third, Ineson noted.    Ineson said the LNG Canada project faced hurdles regardless of the pandemic.