Gas Prices Sink as Sellers Push Below $3.00

Natural gas futures are trading lower on Thursday after failing to hold onto Wednesday's recovery.

The market took out the $2.976 swing bottom, and a trade through the main top at $3.395 would change the trend back to up.

The 50-day moving average at $3.036 is above the market, but it's also a level of resistance along with the retracement zone between $3.087 and $3.146.

The session low on Thursday was at $2.948, which is not a new bottom yet, but it does set up potential support in the form of the September low at $2.902 and the August bottom at $2.896.