Natural gas bulls refused to back down last week, though efforts to breach strong resistance at $3 per million Btu fell short for another week. And the reason is clear: There's no need to move prices into a higher range when summer gas supplies are adequate for cooling needs and refilling storage. However, while supply-demand fundamentals appear balanced, with trading alternately testing resistance in the $2.90s and support in the $2.70s, it's also clear that only one o'f those fundamental book ends is stable - and it isn't demand.
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