The summer 15 natural gas strip has fallen to a new all-time price low in the overnight session and looks poised to continue lower in upcoming trade.
The summer 15 strip (May 15-October 15 contracts) broke out to the downside in late-March from a sideways, triangle consolidation pattern.
The breakout initiated the triangle which has a downside measuring objective for trade down to the $2.400/MMBtu level.
Triangles appear near the end of a price trend. Current weakness should not only be a post-winter plow but possibly a multi-year price low for the natural gas market.
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