After standing up against a host of negative outside market forces this week, natural gas prices might be a little vulnerable today. With the September gas contract sitting just above critical consolidation support levels this morning, and the trade seemingly getting a noted lift off the storage data yesterday morning, the bull camp may have used up a lot of its available ammunition. However, the weekly natural gas storage report showed an injection of only 62 bcf and for some that was a bullish signal. On the other hand, total storage now stands at 3006 bcf or 27.1% above the 5 year average. Over the last four weeks natural gas storage has increased 262 bcf. The bull camp is probably hopeful of some support off the prospect of a hurricane forming over the weekend and perhaps there is some relief being seen from the early attempt to rally in US equities. However, the natural gas market has to feel some pressure from the deterioration in global economic views this week and a number of traders are looking at this week's consolidation lows around $2.568 as a potentially critical pivot zone.
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