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.
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NATGAS could potentially finish today's session around its lowest level since 2020. Source: xStation5
