Europe increases natural gas consumption

Not so long ago Gazprom held another meeting on natural gas supplies. Aleksey Miller, the head of Gazprom, said that the gas export had increased by 20% in April 2011 as compared to April 2010. It is May but the gas supplies to Europe are at the same level as in winter.

According to Miller, the pace of the gas supplies is growing. In Q1 2011 Gazprom exported to Europe 12% more gas than in Q1 2010 while in April 2011 the company provided 20% more gas than in April 2010. The current increase is 27,8%.

Moreover, the German authorities resumed the discussion of the nuclear issue. German Chancellor Angela Merkel announced a three-month moratorium on the extension of the lifespan of Germany's nuclear facilities. Later she announced the temporary shutdown of seven of the country's 17 reactors. Probably Germany will switch to alternative energy sources, including gas stations.

According to the Department of Market Sentiment Analysis, Masterforex-V Academy, the natural-gas futures (NG) started its uptrend 2 months ago. Right now the price is at the lower border of the upward sloping channel. The pullback has slowed down. However, the uptrend will be resumed as soon as the price consolidates above the volumes around $4.32 - $4.37.