Commodities
Natural Gas Prices Near $2.71 as Storage Surplus Limits Upside
U.S. natural gas prices are trading near $2.71 per MMBtu after recovering from intraday support around $2.68.
The price remains below its main short-, medium- and longer-term moving averages, with a sequence of lower highs following the rejection near $2.96.
Immediate resistance stands at $2.72, followed by the stronger $2.74-$2.76 zone. A close above $2.76 could open the way toward $2.80.
The latest EIA report showed a 28 billion cubic feet injection for the week ended July 24, taking Lower 48 inventories to 3,084 Bcf.
Despite this build being below market expectations of approximately 38 Bcf, stocks remain 185 Bcf above the five-year average, although they are 32 Bcf below the corresponding 2025 level.