Technically, the direction of the March natural gas futures contract is being controlled by the 50% to 61.8% retracement zone at $2.485 to $2.552.
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil rose by 2 to 289 this week.
The first week of the Biden administration brought mixed fortunes for commodities - mixed is about the best description for it, as gold and other precious metals gained for the first time since the Christmas week, while oil and most other energy markets dipped. For starters, consider President Joe Biden’s spending bill for the pandemic that starts at $1.9 trillion. By the time, his administration is done fighting the pandemic, the federal deficit could be double-digits.