Natural Gas Remains Impervious to Macro Cross-Currents, But Nears Temporary Upside Exhaustion

Ahead of this morning's 10:30 AM Weekly Inventory Report, my work argues that the upmove off of the March historic low at 1.611 into yesterday's (June 16) high at 2.974 is complete, or will be completed beneath the 3.00-3.10 resistance plateau ahead of the onset of a significant correction the presses Natural Gas back into the 2.65 - 2.50 support zone, where I will be looking for the emergence of another powerful upleg that should propel Natural Gas to 3.45-3.50.

In other words, in the absence of a very bullish Inventory Report this morning, Natural Gas (UNG) should stall and begin to roll over into a correction.