Natural Gas Futures ($5.07)

Natural Gas has gone below short term support at $5.50 and the next obvious support level is at lows that have been in place since 2003 (in the area of $4.50).

The intermediate term outlook is also deteriorating. I have therefore moved to a negative view beyond the near term. Earlier I had written about the seasonal price strength that often shows up in the fourth quarter. No sign of it this year. Just the opposite so far.