$4 January Natural Gas a Key Support/Pivot January US natural gas (NGF27) has retreated to key support near $4 per million British thermal units. The contract reached a life-of-contract high of $5.65 on March 19 after two consecutive colder-than-normal winters and the onset of the Iran war. Its Aug. 7 price of $4.03 suggests limited concern about a third year of elevated heating demand. NGF26 expired at $4.69, while the February contract reached a 1Q high of about $7.83. I see $4 as a key support level. A sustained break below it would signal a well-supplied bear market, consistent with our scenario for US crude oil and grains. Still, an NGF27 rebound from about $4 toward $5 may represent a normal market rotation. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tj6rtdkgzak2 {BI COMD} #naturalgas #energy @Bloomberg(Mike McGlone)