{"id":2883,"date":"2024-05-30T14:09:10","date_gmt":"2024-05-30T11:09:10","guid":{"rendered":"http:\/\/27.preview.freshtone.ru\/correction-in-gas-prices-will-continue\/"},"modified":"2024-05-30T14:09:10","modified_gmt":"2024-05-30T11:09:10","slug":"correction-in-gas-prices-will-continue","status":"publish","type":"post","link":"https:\/\/27-preview.freshtone.ru\/en\/correction-in-gas-prices-will-continue\/","title":{"rendered":"Correction in gas prices will continue"},"content":{"rendered":"<p><a href=\"https:\/\/marketcheese.com\/forecast\/natural-gas\/TlRnd01B-gas-prices-heading-toward-closing-the-january-gap\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>As expected<\/strong><\/a>, gas prices closed the January gap at <strong>2.5<\/strong>, and then the upward momentum began to fade. Attempts to gain a foothold above <strong>2.85<\/strong> were met with active opposition from the bears, which resulted in yesterday&#8217;s sharp drop of more than 6%. The gas market hasn\u2019t seen a full-fledged correction for more than a month, and now we can observe its beginning. The next step of the sellers should be the testing of the previously broken level of <strong>2.5<\/strong>.<\/p><p>\u00a0<\/p><p>The growth of gas prices to the highs since the beginning of 2024 hasn\u2019t yet significantly affected the demand from Asian countries. However, Reuters analysts expect a decline in fuel consumption in the coming weeks. According to preliminary estimates, by the end of May the demand for gas in Asian countries will grow by only 1.6% compared to April. At the same time, all the increase in imports came from India and Pakistan, while the largest consumers of gas in the region are reducing purchases.<\/p><p>\u00a0<\/p><p>According to Kpler, China&#8217;s LNG imports in May will fall 8% to 5.96 million tons. Japan&#8217;s liquefied gas purchases by companies will drop 10% to 4.83 million tons. The same figure for South Korea will decrease by 13.5%, to 3.45 million tons. This trend could also soon affect South Asian countries.<\/p><p>\u00a0<\/p><p>Liquefied natural gas coming to buyers in May was contracted in a period between late February and early April. At that time, fuel prices had already rebounded from 3-year minimums, but still remained quite low. By now, the price of gas is already 50% higher than late winter figures, which will worsen its competitiveness against other fuels. This increases the chances of a large-scale price pullback.<\/p><p>\u00a0<\/p><p>The <strong>RSI<\/strong> indicator on the daily chart of natural gas turned downward and left the overbought zone, forming a sell signal. The nearest correction target is the level of <strong>2.5<\/strong>.<\/p><p>\u00a0<\/p><p><br><\/p><p>The following trading strategy can be suggested:<\/p><p>\u00a0<\/p><p><strong>Sell <\/strong><a href=\"https:\/\/marketcheese.com\/symbol\/natural-gas\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>gas<\/strong><\/a><strong> at the current price. Take profit \u2014 2.5. Stop loss \u2014 2.85.<\/strong><\/p><p>\u00a0<\/p><p>Traders can also use a <strong>Trailing stop<\/strong> instead of a fixed <strong>Stop loss<\/strong> at their discretion.<\/p>","protected":false},"excerpt":{"rendered":"Market analysis by financial analysts and experienced traders. Forecast for Natural gas.","protected":false},"author":1,"featured_media":2861,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-2883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forecasts-en"],"translation":{"provider":"WPGlobus","version":"2.12.2","language":"en","enabled_languages":["ru","en"],"languages":{"ru":{"title":true,"content":true,"excerpt":true},"en":{"title":false,"content":false,"excerpt":false}}},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Correction in gas prices will continue - SSC<\/title>\r\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Correction in gas prices will continue - 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