Natural Gas Reacts Positively To Weekly Inventory Data, and Plays Catch-Up to Crude Oil

At this morning's high of $51.67, Oil is up 98% from its Feb low, amid healthy, very overbought conditions that leave Crude vulnerable to a correction at any time.

By contrast, this morning's positive reaction to the Weekly Inventory Report propelled Natural Gas up through key resistance at 2.40-2.50, triggering an upside breakout from a 9-month accumulation, base-like pattern that argues for upside continuation to 2.90-3.10 in the hours/days directly ahead.