Natural Gas Remains on Uptrend into Summer Cooling SeasonPosted 06/18/2018 1:52PM CT |
Natural gas is coming off yearly highs in the overnight, currently down 0.0670 or 2.21%, trading at 2.955. This short covering came amid the risk-off sentiment on Friday after closing above the key 3.000 psychological level for the first time since mid-November. Below average storage levels into the summer cooling season continue to provide support as warm temperatures are expected in the Atlantic and Pacific coasts in the near-term. Temperatures in the Midwest and the Plains are expected to average out in the coming week following a heat advisory this past weekend. Look for hot weather and low storage levels ahead of the EIA storage report on Thursday to continue to provide underlying support. Support in the near-term is seen around 2.935 with resistance at 3.035 and 3.070.
Natural Gas Jul ’18 Daily Chart