As a general outlook, we have observed a positive trend in 2016. The starting point was at 2.472 level at the beginning of year. When we come to the month of February, we have observed a strong decrease, and the parity reached to 1.666 level at 28th February which was the lowest level of the parity. With starting the month of July, the parity recorded an important increasing period on the global forex market. The parity continues its trend 3.500 level at the last days of year.
Natural gas prices declined to historically low levels in early March after declining energy prices in recent years. Following these sharp declines in natural gas with oil, a sharp uptrend started in commodities as of March. Natural gas prices increased by 90% in the four months after the upward trend started at 1.60. This increase can be attributed to some developments in natural gas, as well as recovery in the market, especially in commodity products. The power of the rising trend in natural gas became clearer after the British's Brexit decision. Following the referendum, crude oil, gasoline and other energy commodities, such as strong retreats, while natural gas continues to rise as the opposite. In the coming period, stockpiles will be effective in short-term in natural gas. However, when commodities are not going to sustain this strong trend, it is more about the determination of global demand. Especially the new risks that may arise in the Chinese commodity consumer, the biggest commodity consumer, may cause the wind power to vibrate again on the energy commodities. However, the trend is likely to continue, although the pace of natural gas has slowed in the near term.
When we look at the first 2017 forecasts of natural gas market, the positive atmosphere may continue for the first weeks of the new year. So, the support level will be 3.48 and the resistance level will be 3.86 on the natural gas market.
- Date: 12 December 2016 Mon 02:45
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