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Natural Gas Futures Crash Below $3 Toward Technical Support

Natural Gas Intelligence · last updated

September natural gas futures broke below key support with the market spooked by growing gas supply. However, shorts positioning and the next rung of technical support could be setting the stage for a bounce.

Natural Gas Intelligence's (NGI) spot Henry Hub daily natural gas price graph showing historical market volatility.

Indeed, futures showed signs of life early Tuesday, with the September New York Mercantile Exchange (Nymex) contract trying to regain the $3 handle.

September traded as low as $2.895/MMBtu on Monday, returning to sub-$3 levels briefly visited after last Thursday’s in-line storage report when “stout” technical support at the key level held, according to Pinebrook Energy Advisors’ Andy Huenefeld, managing partner.

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