Natural gas is down for fourth time in five sessions, with near term weather forecasts suggest above average temperatures. Last week’s storage report showed a less than expected draw with the rig count declining by only one rig. Despite natural gas supply remaining low, U.S. production has remained close to record highs and with above average temperatures expected, look for demand to remain tempered. Nat gas remains bearish trend with the current range seen between 2.70 – 2.90 with the next downside target near the 200 day MA at 2.694 and a pivot around 2.75.
Natural Gas May ’19 Daily Chart