Natural Gas Prices Hover Near $2.71 as Supply Strength Caps Rebound

Natural gas prices are hovering around $2.71 per MMBtu after recovering from intraday support at $2.68, but a close above $2.76 could open the way towards $2.80.

The price remains below its main short-, medium- and longer-term moving averages, with immediate resistance standing at $2.72 and stronger support at $2.74-$2.76.

A build of 28 billion cubic feet in Lower 48 inventories took total stocks to 3,084 Bcf, but the nationwide surplus continues to provide a substantial buffer, limiting upside potential.