Despite easing geopolitical tensions, which lower natural gas prices by reducing supply disruptions, natural gas (NG) maintained its upward position and continued to rise around the 1.8045 mark. However, the bullish US dollar was seen as a key factor increasing prices of commodities like natural gas.

Despite ongoing talks of a potential ceasefire between Israel and Palestine, the situation in Gaza is worsening, marked by escalating bombardments that are deepening the crisis. This has contributed to supply disruptions, leading to a rise in Natural Gas (NG) prices.

Besides this, a cautious stance by the Federal Reserve on interest rates can impact investor sentiment and market dynamics, influencing commodity prices.

On the other side, Greenville LNG’s expansion in Nigeria’s LNG and CNG sector suggests increased supply, stabilizing or lowering natural gas prices due to enhanced availability and competition.

Expanding Greenville LNG: A Positive Outlook for Natural Gas in Nigeria

It is worth noting that Greenville LNG, a leading LNG and CNG company in Nigeria, is expanding its operations to the Southeast region. Through innovative initiatives like a Gas Liquefaction Plant and a virtual pipeline system, they aim to provide cleaner and more affordable energy solutions.

By partnering with the government and local businesses, they strive to boost industrial development and ensure energy security.

With the establishment of an LNG/LCNG Mother Station in Enugu, they’re set to support manufacturing, power generation, and the automotive sector, contributing to Nigeria’s economic growth and prosperity.

Therefore, Greenville LNG’s expansion into the Southeast region and their efforts to provide cleaner and more affordable energy solutions through LNG and CNG signify a positive outlook for natural gas (NG). This move can enhance energy security and contribute to sustainable economic growth in Nigeria.

Natural Gas (NG) Price Prediction – Technical Outlook

Natural Gas (NG) experienced a notable decline on Wednesday, dropping by 1.53% to $1.8050. This movement places NG just above a crucial pivot point of $1.7780, indicating potential volatility and a directional bias based on upcoming market dynamics.

Resistance levels at $1.8635, $1.9366, and $1.9899 are poised to challenge any upward movement, while support figures at $1.7235, $1.6780, and $1.6196 underscore critical thresholds to prevent further declines.

The formation of a symmetrical triangle pattern suggests an impending decision point, with the 50-day Exponential Moving Average at $1.7788 providing a foundational support level.

The market’s sentiment, as reflected by the Relative Strength Index at 53, leans towards a cautiously optimistic outlook, hinting at a bullish trend should NG maintain above the $1.7780 mark, highlighting the asset’s sensitivity to technical indicators and market sentiment.