Natural Gas (NG1) Moves Down For the 2nd Day In A Row, Breaks Below 20 Day Average; in a Downtrend Over Past 90 Days

Natural Gas Daily Price Recap

Natural Gas closed the day prior down 2.08% ($0.037); this denotes the 2nd day in a row a decrease has occurred. Relative to other instruments in the energy commodity asset class, Natural Gas ranked 2nd since the day prior in terms of percentage price change. Below is a daily price chart of Natural Gas.

Natural Gas Technical Analysis

First things first: Natural Gas crossed below its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to view things another way, note that out of the past 14 days Natural Gas’s price has gone down 8 them.

Overheard on Twitter

Over on Twitter, here were the top tweets about Natural Gas:

  • From 80_mcswan:

    why are the British are so desperate to hold on to Scotland?
    65% of the UK natural gas production
    90% of UK’s Fresh Water
    60% of the Uks fish landings
    92% of Uks hydro-electric production
    40% of UKs wind ,wave & solar energy production
    96% of UK’s crude Oil production!

  • From nistula:

    .@dpradhanbjp , Union minister for Petroleum & natural gas will be joining the energy summit of G 20 Energy minister’s at 5:10 pm on 10th April 2020* *through video conference.* To discuss energy issues during #COVID19 crisis

  • From Guv999:

    Expect Natural Gas to make a LT bottom in May 2020 ,I will buy NG Stks for LT hold from Apr/May beginning. NG & NG Stks are sure shot getting into a m year bull mkt from June 2020.
    It has been a bear mkt for many yrs, but tide is turning upward. Stks selection will be key now.

For a longer news piece related to NG1 that’s been generating discussion, check out:

Bitcoin Going Industrial: New York-Based Natural Gas Provider Sells Fully Compliant ‘Hashpower Contract’ | Mining Bitcoin News

The Greenidge plant operates 7,000 bitcoin miners and on April 8, the firm revealed the sale of 106 petahash of hashpower to an undisclosed buyer….The purchase is considered a watershed moment for bitcoin mining, as the institutional sale of hashpower indicates that mining operations are trending toward industrial solutions….Also read: Bitcoin Mining Helps Oil Companies Reduce Carbon Footprint The bitcoin mining operation at the Greenidge Generation plant located in Dresden, New York has successfully sold its first hashpower contract to an undisclosed buyer….Our newsdesk reported on the ‘behind-the-meter’ bitcoin mining operation in March and detailed that Greenidge hosted 14MW of power dedicated to SHA256 mining….These days mining operations are handled by large pools, while hobbyists with mining rigs and home bitcoin mining operations are a thing of the past….In fact, the mining operation Genesis Mining recently published a report called the State of Crypto Mining, which indicates some miners believe that home mining will return.