Natural gas prices fell over 2%
Natural gas (NATGAS) prices hovered around $ 2.5 / MMBtu, dropping away from a nine-month high of $ 2.71 / MMBtu hit in the previous month, dragged down by forecasts of lower temperatures during the next few weeks in the Northeast and Midwest. Also recent declines may also be related to the fact that today the US celebrates the Labor Day, the so-called end of the driving season, which usually marks the end of increased fuel demand.
Natural Gas (NATGAS) price bounced off the downward trendline at the end of the week and today price broke below 50 MA (green line). Should downbeat moods prevail, support at 2.426 may come into play. However, if sellers manage to uphold momentum and break below it, then next support at 2.284 may be at risk. Source: xStation5
