RJO FuturesCast

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Energies

Trend in Natural Gas is Down

Posted 07/09/2018 12:04PM CT | Alexander Turro

Natural gas is continuing further downside action, down 0.0360 or 1.2596% on the day, trading at 2.822. The weather outlook is signaling hot temperatures in the Southwest that could provide minimal support and protect against further selling. The key 2.800 level could provide a level of support, however, further downside to the March through May consolidation zone cannot be overlooked with the path of least resistance remaining down. The natural gas storage report from Friday showed an injection of 78 bcf, which is slightly above the average estimate of 76 bcf. However, natural gas storage remains 18.6% below the five-year average. Natural gas appears near oversold levels with resistance around 2.873 and near term support around 2.811.

Natural Gas Aug ’18 Daily Chart

Natural Gas Aug '18 Daily Chart

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Alexander Turro

Market Strategist
Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.
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