• Natural Gas price trades little changed on Tuesday after geopolitical risk surrounding Russia eases with Wagner coup U-turn.
• The summer heatwave in much of North America and Europe continues to drive demand for Natural Gas to power air conditioning. 
• Price has climbed towards a significant level around $3.000 MMBtu where the longer-term downtrend could be at risk of reversing. 

Natural Gas price trades flat at the start of the US Session on Tuesday after posting four consecutive days of gains. Traders had been bidding up the commodity on the back of fears political turmoil in Russia could disrupt supply, and as higher-than-average temperatures in much of the Western World increase demand for Natural Gas used in air conditioning. 

XNG/USD is trading in the $2.800s MMBtu on Tuesday, as America wakes up.  

Natural Gas news and market movers 

• Natural Gas trades flat after the Wagner mutiny suddenly grinds to a halt, easing concerns Russian supply might suffer in the event of civil war, according to CNN. 
• Analysts also believe the market is pricing in a greater risk premium after the failed coup over the weekend. 
• Demand for Natural Gas to power air conditioning continues to be high as much of the US and Europe experience hotter-than-usual temperatures for this time of year, according to Natural Gas Intelligence. 
• The market may be reaching a temporary top as recent gains have been accompanied by falling participation in the Gas futures market, according to FXStreet Senior Analyst and Editor Pablo Piovano, in a report analyzing CME data on Monday. 
• Norwegian supply concerns, after outages at the Hammerfest LNG export terminal and the processing plants at Nyhamna and Kollsnes, continue to underpin prices. Norway has taken over from Russia as Europe’s main source of Natural Gas. 
• Weaker demand from faltering global growth, however, has offset the threat to supplies, according to an analysis by ANZ Bank cited on MarketWatch.
• Last week’s Purchasing Manager Index data was on the whole poor for most of Europe and the US, potentially indicating a weaker global economic growth trajectory.