Technical Resistance a Worthy Adversary for Natural Gas Price Bulls

Relief from the oppressive heat that spanned the central and eastern United States in late June intersected with technical triggers to keep natural gas futures in check.

After losing ground last week, the August Nymex gas futures contract dropped another 28.3 cents on Monday and settled at $3.456/MMBtu. The prompt month fell further early Tuesday.

National Weather Service data showed that, while widespread summer heat was forecast for early July, the mid-90s to low triple-digit temperatures that peppered much of the country under a massive heat dome late last month were expected to be largely contained to portions of the South this week and next.