On the weekly chart, natural gas has already printed a higher swing high above $4.91. A weekly close above this level would confirm a long-term bullish breakout, strengthening the case for continued gains before any major pullback. For now, every resistance level has flipped to support, and the trend remains firmly upward. Traders will continue to monitor the 200% channel line and the $5.28 Fibonacci level, both of which may either trigger a strong continuation or signal exhaustion.

Natural gas futures held steady near $5.00 early Thursday ahead of storage data. The latest EIA report showed a -12 Bcf withdrawal, supporting prices as winter demand grows. Meanwhile, geopolitical tensions have lifted oil slightly, with strikes on energy infrastructure cutting refining output by around 335,000 barrels per day. Europe is also struggling with low storage levels, while Asia faces high LNG prices that are pushing some countries toward cheaper alternatives and domestic supply. European LNG imports continue to surge, absorbing large volumes of U.S. shipments and reinforcing the tightness of the global market.

Asia’s LNG imports may fall this year as high prices push buyers toward other energy sources or local production increases, especially in China. Europe, however, remains heavily dependent on U.S. LNG, with storage levels well below targets and demand rising as winter begins. European imports are expected to reach nearly 124 million tons this year, close to record highs. This growing dependence is reshaping global LNG flows, with the U.S. sending more gas to Europe than to Asia. Even as new U.S. export capacity comes online, operators will still need to maintain profitable price levels, likely preventing a major drop in global LNG prices in the near future.

Natural gas remains in a strong bullish trend, backed by technical momentum and global market imbalances. Price action shows buyers firmly in control, with the next key upside targets at $5.28 and possibly the channel top near $5.40. While these levels offer potential continuation, they also mark zones where corrections often start. For investors, the most practical approach is to follow the trend while using pullbacks as buying opportunities—ideally above the $4.87–$4.90 support area. As long as natural gas stays above these levels, the path of least resistance points higher.