Natural Gas Prices Eye Inventory Report for Next Move

Natural gas futures are trading in anticipation of Thursday's inventory report, which may reveal a weak number that could extend the bearish trend seen so far this month.

July has seen two bearish reports and one bullish report, with price action following a downward trajectory. The daily and weekly charts have some minor support at current levels, but analysts are unsure if it will hold up to a poor inventory reading.

The PSV NATURAL GAS MONTH Futures (Jun 2031) has major monthly support around $2.50, which could be a buying opportunity for traders who can wait for lower prices.