Natural gas prices attempted to move higher on Tuesday but they were unable to pierce through resistance levels near last weeks highs at 2.83. Support is seen near the 10-day moving average at 2.78. Inventory levels remain near the lower end of the 5-year range according to the Department of Energy. Trader’s now await both the ISM manufacturing report which will describe potential manufacturing driven demand and Thursday’s inventory report from the Energy Information Administration. Natural gas prices are 12% below the 5-year average, which is 3.14, which makes them relatively cheap when comparing them to the 5-year average inventory level. Natural gas prices whipsawed on Tuesday attempting to move higher but unable to pierce through last weeks highs.
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