Thursday's natural gas exploded to the upside in reaction to a much less-than-expected build in inventories during the past week, which has goosed prices above key, near-term resistance at 2.82 into what my pattern work argues is a new upleg in the aftermath of the July correction from 3.00 to 2.62.
If reasonably accurate, then Thursday's lift-off into a new upleg projects next to a target zone in the vicinity of 3.20 and thereafter, perhaps in reaction to sustained extremely-high summer temperatures, to 3.40-3.50.
Only a sudden downside reversal and breach of 2.75 will neutralize nat gas's upside breakout.