Commodities
Natural Gas Futures Eye Next Move Ahead of Thursday's Inventory Report
Natural gas futures are poised to make their next move as traders await Thursday's inventory report. The commodity has seen a bearish trend in July, with two reports indicating lower supplies and only one showing an increase.
Despite some minor support on the daily and weekly charts, analysts are warning that it may not hold if the upcoming report is weak. Trading-Capital11 notes that the price action for July appears to be following a bearish trend, suggesting further declines in the near future.
The Natural Gas Daily Financial Futures (ICIS) chart shows major monthly support around $2.50, but analysts are advising caution and waiting for lower prices before buying up the commodity.