Natural Gas Futures Hover Near Support as Inventory Report Looms

Natural gas futures are approaching an important milestone in the market's trend. With two bearish reports and one bullish report so far this month, analysts are cautiously optimistic about the commodity's next move. The price action for July has been following a downward trend, leading some to believe that it will continue.

The Natural Gas Futures chart shows significant monthly support around $2.50, but the daily and weekly charts have only minor support at current levels. If Thursday's inventory report comes in weak, it could lead to further price declines. As of now, one analyst is waiting for lower prices to buy into natural gas.