Natural gas resumed its long-term climb after finding support at the rising trend line on its daily time frame. Price could be closing in on the resistance at the latest highs.

The 100 SMA is above the 200 SMA to indicate that the path of least resistance is to the upside or that support is more likely to hold than to break. The gap between the indicators is widening to reflect strengthening bullish momentum.

Stochastic is also on the move up to show that buyers are in control, and the oscillator has plenty of room to climb before reflecting overbought conditions or exhaustion among buyers.

RSI appears to be on the move down but has pulled higher to suggest a return in bullish pressure. Heading back down again, however, could signal that sellers still have the upper hand and price could follow suit.

Natural gas prices soared once again, as analysts predicted chilly weather in the US East coast, likely driving up demand for the heating commodity sooner than expected.

Keep in mind that supply remains limited on account of production constraints from weather disruptions. This case applies to other parts of the world like Europe and China, so the global supply shortage continues to keep prices elevated.

Stockpiling activity could also come into play, as businesses and consumers might be keen on making purchases in advance before prices rise any further during the winter season.

The upcoming release of inventory data by the Department of Energy might shed more light on supply and demand conditions, as a large draw in stockpiles would signal that demand is already picking up. A small build might still be bullish for natural gas prices since this might indicate that supply remains limited.

On the other hand, a large build could indicate that production has been able to rebound and is keeping up with demand.