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Technical Indicators Flash Warning Signs as Natural Gas Futures Test Channel Bottom

Natural Gas Intelligence · last updated

June natural gas futures’ run higher is showing signs of stretched momentum for the first time since taking over as the prompt month two weeks ago, with traders watching whether the contract can stay within an established upward channel.

Chart depicting the daily Henry Hub natural gas prices with trends and analytics from the NGI Natural Gas Index, showcasing pricing data and energy market trends in the US.

The June New York Mercantile Exchange (Nymex) futures notched a five-week high of $3.840/MMBtu early Monday before it reversed sharply, trading as much as 6% off the high to $3.608 before it settled at $3.646, down 14.9 cents day/day.

“Natural gas is threatening a breakout to the bottom of the channel it has been trading in since the May contract rolled to the June contract on April 28,” said Mizuho Securities USA LLC’s Robert Yawger, energy futures director.

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