Natural Gas Prices Plummet as Supplies Surge and Weather Remains Mild

Natural gas faces a steep decline, testing key levels as it falls to a new retracement low and completes a 78.6% Fibonacci retracement. The current bearish correction has exceeded all prior corrections since February 2023, indicating increasing selling pressure. The price respected support at the 78.6% retracement level, but a daily close above the prior swing low and today's high is needed for a clearer bullish signal. If sellers remain in control, natural gas may head towards the completion of a falling ABCD pattern and the 88.6% Fibonacci retracement.