Natural Gas (NG)

Natural gas quotes are hovering around the 2.847 level (the April 28 low), with some risk of an upward move, as yesterday's daily candle closed above this level. However, this is just one sign of potential growth—and a weak one—since the candle body is small. This consolidation could turn out to be a false breakout.

Stronger downward pressure on price comes from its development below the MACD line and the continued position of the Marlin oscillator in negative territory. A return and close below 2.847 will pave the way for a target support level at 2.643. Below that, price could head for the 2.145–2.223 range (the October 2024 low).

On the four-hour chart, the trend is completely bearish, with the Marlin oscillator being the only indicator moving into bullish territory. But this is a weak signal for now and could quickly disappear if the price drops back below 2.847.

This evening, a set of key US economic data is due (GDP, durable goods orders, jobless claims, and quarterly personal spending). Forecasts for these releases are borderline; even a slight softness in the numbers could be enough to pull commodity prices lower.