Following the greater-than-expected inventory build -- and despite much chatter reminding traders that natural gas supplies are extremely plentiful and that so far this summer, the weather is too mild to increase demand enough to reduce the overhang -- natural gas price behavior is oddly constructive.
The price structure is positioned just above its flat 50- and 200-day EMAs, within a rounded 6-month, base-like accumulation pattern.
If the current negative, excess-supplied environment has not undermined the accumulation pattern, then perhaps the price action is discounting or anticipating something else entirely.
Perhaps something more constructive for prices?
I really don't know, but the divergence between fundamentals and sentiment on the one hand, and the price action on the other continue to intrigue.
