Natural Gas Prices Test Key Support at $2.96

Natural gas prices are testing key support near their 20-day moving average, which could determine whether bullish momentum can rebuild or weakness extends.

The 20-day moving average is currently at $2.96 and marks the lower boundary of a support zone that developed around the interim swing high of $2.978 from mid-September.

Natural gas has been under selling pressure, falling to a new retracement low of $2.948 on Thursday and testing this key support zone more deeply.

If the 20-day moving average holds as support, it would suggest that bullish momentum is increasing and demand is strengthening.