Natural Gas Prices Stabilize as Market Awaits Key Events

Natural gas prices edged slightly higher on Tuesday after recovering from an early session setback. The main trend remains down, according to the daily swing chart, and a trade through $2.978 will change the main trend to up.

The market is currently straddling the 50-day MA at $2.848, which is likely to determine the direction of the trade into the close. Support comes from the minor retracement zone at $2.847 to $2.805, while resistance lies in the minor retracement zone at $2.890 to $2.922.

The recent dip in natural gas production and the addition of rigs by producers have raised the government's 2027 production forecast to 116.0 bcf per day from 115.3 bcf per day in July.