Natural Gas Consolidates Ahead of Inventory Report :

Natural gas prices continued to consolidate ahead of Thursday’s inventory number. Stronger than expected ADP private payrolls gave commodity prices a bump. Canadian vehicle sales slipped, while U.S. sales increased.

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Support on natural gas is seen near the 50-day moving average at 2.767, while resistance is seen near the 10-day moving average at 2.675. Momentum is flat as the MACD (moving average convergence divergence) histogram prints near the zero-index level with a flat trajectory which reflects consolidation.

Canada vehicle sales slipped 0.6% year over year in March to 186.4k from a record high 187.5k in March of 2017. Notably, firm vehicle sales this year contrast with the tumble in housing sales, suggesting that the latter is indeed largely due to housing regulations and may give way to a rebound in housing activity this spring.

U.S. vehicle sales totaled 17.48 million in March on an annualized basis, according to Autodata seasonally adjusted numbers, compared to 17.08 million in February.

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