Natural Gas Breaks Resistance at $2.85-2.90

Natural Gas (NG1:COM) has broken through a key resistance level of $2.85-2.90, which had previously limited its upward momentum.

This move above the resistance zone significantly improves the short-term technical picture and indicates that buyers have regained control after a prolonged period of consolidation.

The fundamental backdrop is also providing support for buyers. The latest EIA report showed an inventory build of just 16 Bcf for the week ended August 14, bringing total storage to 3.169 Tcf.