Natural Gas Prices Eye Turnaround Ahead of Thursday's Inventory Report

Natural gas prices may be poised for a turnaround as traders await Thursday's inventory report. According to Trading-Capital, two bearish reports in July have been countered by only one bullish report, indicating a potential shift in market sentiment.

Price action has followed a bearish trend throughout the month of July, but there is still some support at current levels on both the daily and weekly charts. However, if Thursday's report comes in weak, this support may not hold.

The major monthly support for natural gas futures is around $2.50, according to Trading-Capital. With that level looming, traders are advised to wait for a lower price before buying up the commodity.