Back to Markets
Forex● Neutral
Natural Gas Flat Before Juneteenth as Traders Weigh Supply, Exports
Natural gas is flat ahead of a holiday, with the $3 level as support and $3.50 as a bullish trigger. Supply builds and a Qatari export recovery are capping any rally for now.
Continue with
Natural gas is trading flat ahead of the Juneteenth holiday, with traders mostly sitting on the sidelines. The market faces competing forces: steady U.S. output and a recovery in Qatari exports on one side, and the risk of a summer heat wave on the other.
Thursday's price action stayed rangebound, with the front-month contract hovering near $3.20. The $3 level below remains support. A clean break under that would open a path to $2.75. Above $3.50, the picture turns bullish – but that probably requires a sustained heat wave, which is not on the near-term forecast. Signs of exhaustion near these levels have been sold into in recent sessions, which keeps the short-term bias cautious.
The latest storage injection came in higher than expected, adding to the supply cushion. Last week's number surprised to the upside, and the trend suggests inventories are building faster than average. That is weighing on the bullish case.