FX.co ★ HiDe_N_SeEk | Natural Gas (NG)

While most major Western economies are on vacation, natural gas wanders on Monday as traders attempt to sort through the news in the Middle East. Most notably, there will be fewer hours because the US is celebrating Memorial Day. As would be expected, the natural gas market has been quite calm on Monday. In addition to being a holiday in a number of other Western nations, it was Memorial Day in the United States. I don't read too much into Monday's price action because that would have been really thin volume. The story I've been discussing is still the same. Short-term rallies are all I'm fading. After all, there is very little demand in this market at this time of year, and when there is, it is fleeting. After all, there isn't much heat, and we don't actually need heating right now. There will eventually be a heatwave of some kind that increases demand for natural gas, but we're not there yet, and before it's all said and done, I believe we might drop to the $2.70 or even $2.50 level. There will be a lot of "back-and-forth" when it comes to price action, so we won't get there quickly or easily. It appears that there is interest in shorting once more, around about $3, possibly $3.10. Therefore, I believe that this will result in a selling opportunity closer to the $3 region, even though it appears that we are attempting to bounce ever so slightly for the session. I believe that this is a field that will be significant for a while to come.