The price of gas fell sharply in the last few hours. According to Baker Hughes oil rig count, one gas-related tower was added. Also warmer weather forecasts also put pressure on prices.
On the other hand, gas inventories in the US are only a few percent above the 5-year average. The price hovers above $2.35 mark for the last 7 sessions, and today we are seeing a potential breakout from the consolidation. If price does not return above this level on Monday's opening, another downward impulse may be launched.
NATGAS could potentially finish today's session around its lowest level since 2020. Source: xStation5
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