NATGAS prices are down 4.2% today and are breaking below the 200-day EMA (golden line on the chart below), negating the technical uptrend. Demand relative to available supply of the commodity in the US is still very low, which is why natural gas is struggling to maintain bullish momentum.
As EIA data shows, the gas market is currently oversupplied at its highest point since November 2024. Source: EIA, S&P Global
Overall inventories remain close to the 5-year average. Source: EIA
NATGAS is breaking below the 200-day EMA, negating the long-term uptrend. xStation
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