Chart of the day - NATGAS (15.03.2021)
Natural gas is one of the worst performing commodities today with price dropping over 2%. NATGAS broke below an upward trendline and trades at the lowest level since late-January 2021.Price is being pressured by a recent smaller-than-expected drop in natural gas storage, US production returning to normal and a looming end of a heating period. Having said that, a near-term outlook for NATGAS looks to be bearish. Seasonal patterns hint that bears should dominate in the near future.
NATGAS broke below the upward trendline and trades at the lowest level since late-January 2021. The nearest support zone to watch can be found in the 2.4 area.