Forex▼ Bearish
Natural Gas Stalls Near $2.90 as Storage Draws Lag
Natural gas futures stalled near $2.90 Friday as summer heatwaves failed to draw down storage. The August contract remains range-bound with resistance at $3.00 and the 200-day EMA above that level.
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Natural gas futures stalled near $2.90 on Friday, with the August contract dipping to $2.85 before recovering, according to FXEmpire analyst Chris.
The $2.90 level has become a pivot. Resistance sits at $3.00 and the 200-day moving average above that level, the analyst wrote. A break above $3.00 could open a run to the 200-day EMA. The lack of sustained summer heat has kept storage draws minimal, he said. The August contract, tied directly to immediate weather demand, has failed to gain traction because the heatwaves have not been strong enough to meaningfully reduce storage.