Natural Gas Market Dives on Cooler Forecasts and Record Supply

Natural gas futures are struggling to find footing after a cooler forecast hit an already oversupplied market.

The September contract gapped lower on Monday, falling below the short-term retracement zone at $2.723 to $2.698 before hitting an intraday low of $2.638.

This move came despite elevated temperatures and strong electricity demand last week, which could have provided support for the market.

The main trend remains down, and buyers will need to overcome the swing top at $2.830 to change the direction of the market.