24.04.2020 Natural Gas Daily Analysis

24.04.2020 Natural Gas Daily Analysis

Natural gas is trading at $1.815. Natural gas has been very volatile since the unprecedented move with crude oil. On Monday, it went up by 12%, on Tuesday, it went down by 5%, on Wednesday +7%, and on Thursday -6%. An analyst from the EBW Analytics Group said,  “The collapse of oil prices earlier this week suggests oil storage is nearly full, potentially leading to massive shut-ins of oil and associated gas output that could drive natural gas prices up sharply. It is not yet clear, however, if these declines will arrive soon enough or be large enough to outweigh steep losses in demand due to Covid-19, creating potential opportunities for bears.” Natural gas demand has been modestly impacted by the pandemic unlike crude oil when there have been colder weather in the US, we have seen the demand go up.