Natural Gas Prices Extend Decline as Bearish Momentum Gains Strength

Natural gas prices have extended their decline from last week's high of $3.317, reaching a three-day low of $3.00 on Tuesday.

This marks the continuation of a pullback that has opened up the possibility of lower channel support being reached before a bottom is established.

The 50-day moving average, currently near $2.85, could serve as a proxy for the trendline and may be the next key level to watch.

A bearish momentum is evident in the market, with clear signs that the next lower support zone from around $2.978 to $2.967 may be reached before a bottom forms.