Natural Gas sets forth its losing streak for a seventh day. European gas storages are filling up quickly, even with demand picking up. The US Dollar index eases ahead of a very full agenda due to Thursday’s public holiday. Natural Gas price still stuck in its correction, adding a seventh day for now to the chronicles. The decline is being fueled again by the outlook that European gas storages are still being filled up, despite the current pickup in energy demand.
08 remains key resistance after its false break last week, which is still 20% away. In addition, the red descending trendline in the chart below at $3.10 will also weigh on this area as a cap. Further up, the fresh year-to-date high at $3.16 is the level to beat. On the downside, the next target could be the pivotal level near $2.13, with interim support by the 100-day SMA near $2.