Natural Gas Futures Await Inventory Report Ahead of Thursday

Natural gas futures are setting up for their next move as traders await Thursday's inventory report. The asset has experienced two bearish reports in July, followed by one bullish report.

The price action in July has been trending downward, with some analysts expecting further declines. However, a major monthly support level exists around $2.50, which could provide a floor for the commodity.

Trading-Capital8 is waiting for lower prices to buy into natural gas, citing concerns that current minor supports on the daily and weekly charts may not hold if Thursday's report comes in weak.