Gas futures momentum in gas futures is influenced

Momentum in gas futures is influenced by the U.S. dollar’s weakness, which increases the competitiveness of American LNG on the global stage. Spot market bidding has added upward pressure, especially in Gulf Coast markets. OPEC, which produces up to 40% of the world’s oil, started curtailing production in 2023, in a bid to stabilize prices when economic growth was slowing. The decision at the time drew criticism from the U.S. , which accused the group of indirectly supporting Russia’s invasion of Ukraine by keeping oil prices high. Natural gas futures searched for a new floor as trading got underway Friday. Market participants weighed a bullish storage print against stout overall supply and modest shoulder season demand. The November Nymex gas futures contract was 8.2 cents lower to $3.360/MMBtu at around 8:30 ET. The gas futures market is showing short-term bullish momentum, with technical indicators suggesting resistance near $2.20/MMBtu. Market participants are eyeing EIA's upcoming storage report for confirmation of supply tightness, which could push prices into a breakout phase.