Natural Gas price starts to consolidate after a sharp rally in May. Egypte is importing more Gas ahead of the summer session to meet energy demand. The US Dollar Index jumps higher on Tuesday and is on track to recover initial weekly losses. Natural Gas price trades roughly flat at around $2.70 during the European trading session on Wednesday.
07 remains key as prices failed to post a daily close above it. Further up, the fresh year-to-date high at $3.16 is the level to beat. On the downside, the 200-day Simple Moving Average acts as the first support near $2.53. Should that support area fail to hold, the next target could be the pivotal level near $2.14, with interim support by the 55-day SMA near $2.25. Further down, the biggest support comes at $2.11 with the 100-day SMA.