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データ基準日: 2026-10-09 · 決済基準: 取引所最終日次決済価格

Natural Gas (NG=F) Deep Dive | Bullish Bias | 2026-10-10

We maintain a bullish call on Natural Gas (NG=F) with a target above 3.328, invalidating if price fails to hold 3.193. The instrument has surged 6.1% over five days and 7.95% over twenty days, driven by a combination of technical breakout momentum, tightening near-term supply expectations, and a shift in speculative positioning. While the broader macro environment remains supportive, the primary catalyst is the market's ability to reclaim and hold the 3.22 settlement level, which acts as a critical pivot for further upside. The current price action suggests that buyers are in control, with the 20-day channel providing a robust floor. We advise clients to look for long opportunities on dips towards the 3.193 support zone, with a clear invalidation if the market closes below this level. The risk-reward profile favors the upside, supported by seasonal tailwinds and a contango structure that limits immediate roll costs for longer-dated positions.