Natural gas has been moving inside a range visible on the 4-hour time frame, finding support at the $2.290 mark and testing resistance at $2.770. Technical indicators are giving mixed signals on whether the ceiling would hold or not.

The 100 SMA is attempting to cross above the 200 SMA to indicate a return in bullish pressure. In that case, price could climb by the same height as the range, which spans around $0.500.

Natural gas is also trading above both moving averages as an early indication of bullish momentum, so these indicators could hold as dynamic support on dips.

Stochastic is on the move down, though, so a return in selling pressure might be in order. The oscillator has plenty of room to head south before indicating oversold conditions, so bearish momentum could stay in play for a bit longer. Similarly RSI is heading down without even reaching the overbought zone, which suggests that sellers are eager to return.

Natural gas is enjoying some upside on stronger demand for heating commodities as temperatures are cooling all over the US. This was reflected in the inventory report by the Department of Energy, which reflected a reduction of 130 Bcf in stockpiles versus the earlier reduction of 114 Bcf. However, this was slightly smaller than the projected draw of 142 Bcf.

The upcoming NFP report might impact overall market sentiment, which in turn affects demand for commodities like natural gas. A stronger than expected read could assure market watchers that the US economy is seeing improvements, which could translate to better business and consumer spending, lifting demand for higher-yielding assets down the line.

Downbeat results, on the other hand, could mean losses for the commodity as it could spur a flight to safety and away from riskier assets like commodities.