Prompt gas traded deeper into a zone of mathematical support derived from the decline from the February expiration high and has done so by closing lower in six of the last seven weeks (the only exception was week ending 03/27 when prompt gas closed unchanged from the previous week)…and on a continuation basis twelve of the fourteen weeks since prompt February printed $7.827 before going off the board at $7.460. That persistent decline has left the gas market oversold and approaching but not yet closing into its historical EXTREME zone and 26.7% below its 40 – weeks SMA.
A week ago, the consensus of technical indicators, which had been neutral for seven weeks with a fluctuating bias, was negative for the first time since the decline to the Q3 ’25 low. This week with prompt gas falling to the lowest weekly close since August ’24 the consensus improved, back to neutral.
