After that last dump the other week, NATGAS is showing signs of increased bullishness, with drops bought back up quickly, but the future issues of storage keeping a lid on rallies. Looking ahead, November contracts are still comfortably above $2 (~$2.30) though the issues to watch is the shoulder season after summer. For the moment, staying long, however as we pull out of the August contract, will be keeping eye on Sept and Oct contracts very closely, and there is potential for same situation like Oil the other month, of a very large drop. Though this would recover in Winter, the risk to the downside is large over those months. Better to keep money aside, and buy into large dips, and potential for large profits holding into the Winter months, especially if demand returns, production stays depressed, and power burns remain high- easy bullish case.
That said weather cooler in some areas, still overall very bullish above average temps in many areas, additional likely lower build this week.
Overall bullish fundamentals continue, but the demand concerns and storage concerns through COVID make for easy sell offs like this.
Still long for Summer contracts.