Natural Gas Market Outlook: Bearish Trend Reversed with Narrowing Storage Surplus

Natural gas is experiencing a bearish trend, consolidating below its long-term uptrend line and facing resistance at the 78.6% Fibonacci retracement. The behavior suggests a continuation of the downtrend unless a significant change occurs. The next lower target is at 2.62, followed by 2.55 and 2.50. The breakdown of the rising trend channel indicates weakness, but a rally above the current high could lead to further resistance testing. The monthly chart also signals bearishness, although a bullish reversal is still a possibility.