Natural Gas Technical Set-Up Remains Oddly Constructive

A day after a greater than expected inventory build, and despite commentary after commentary reminding traders that Natural Gas supplies are extremely plentiful, and that so far this summer, the weather is too mild (not hot enough) to increase demand enough to reduce the overhang, Natural Gas price behavior is oddly constructive.

The price structure is positioned just above its flat 50- and 200-Day EMAs, within a rounded 6 month base-like accumulation pattern.

If the current negative, excess-supplied environment has not under- mined the accumulation pattern, then perhaps the price action is discounting or anticipating something else entirely-- something considerably more constructive for prices?

I really don't know, but the divergence between fundamentals and sentiment on one hand, and the price action on the other continues to be intriguing.