Gas Prices Plummet Towards $2.54 Target

Natural gas prices have been experiencing a downward trend in recent days, with Wednesday's trading range narrowing to a relatively small band between $2.71 and $2.66.

This consolidation occurred within the lower half of Tuesday's range, indicating continued pressure on prices.

A decisive decline below $2.66 could signal further weakness and continuation of the decline, with the first target at the trend low near $2.64.

However, given the bearish trend, a decline through that level is anticipated towards the next target below there near $2.60.

The larger downtrend remains intact, with a lower swing high established at $3.40 and resistance confirmed near the 200-day moving average.