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GAZB - Natural Gas Falls To The Lows Despite Bullish Inventory Reports
Barclays Bank PLC
A hurricane barreling towards the Louisiana coast could not cause the price of natural gas futures to rise above the level of critical technical resistance at just over $2.50 per MMBtu on the August NYMEX futures contract.
In 2017 and 2018 the low in the natural gas futures market was at just above the $2.50 level, but in April 2019 the technical support gave way and became resistance.
When the price of an asset should move higher, and it cannot, it tends to reveal an underlying weakness in the market. The hurricane and declining injections