Natural Gas U.S. Futures ($6.10)

I have not commented on Natural Gas since March 28th because nothing much needed saying. I had suggested short term base building in the $6.50 area, and we're doing that with a modest negative bias as the weeks stretch into the summer months.

I can see technical support below at $4.50, but I don't necessarily think we'll get there on the near term. I am watching for a switch from downside on-balance-volume to upside, and expecting fast action once the upside volume shows up. In the meantime, I foresee continued drifting lower - summer doldrums.