Natural Gas (June)
Yesterday’s close: Settled at 2.775, up 0.008
Fundamentals: Natural Gas continues its long-dated consolidation as storage season nears. However, the uncertain weather patterns have kept both the bulls and bears from pressing bets. Analysts look to this week’s read as potentially the last draw of the season though this week’s weather might bring one last one on next week’s report. From there, the weather looks to become more seasonal. Down the road we expect a much hotter summer, one that should be a bullish catalyst.
Technicals: Price action has ping-ponged between 2.80 and 2.70 with today coming in the upper end of that range and facing major three-star resistance at 2.8169-2.837; a close above here is bullish and should lead to further gains. However, a failure should quickly open the door back down to support at 2.66-2.69.
Bias: Neutral
Resistance: 2.8169-2.837***
Support: 2.66-2.69** 2.486-2.532****
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