Natural Gas Prices Stuck Between $2.75 and $3 Support

The natural gas market has been experiencing significant pressure in recent days, but it remains rangebound between $2.75 support and $3 resistance.

This is due to weak shoulder-season demand and above-average U.S. storage levels, which limit upside potential.

Shoulder season refers to the period between high-demand summer and winter seasons, when prices tend to be lower.

The market's flat 50-day EMA suggests a lack of clear direction, with resistance at $3 and support near $2.75.

Analyst Chris notes that natural gas storage is about 5-7% above its five-year average, indicating ample supply and limiting price movement.