July Natural Gas futures continue to consolidate in a very tight range, holding within a slightly upward-sloping channel since the cycle lows of late April. Bob Iaccino breaks down the recent price action, noting the contract's resilience despite muted volatility. The latest EIA report revealed a build of 73 billion cubic feet, which was slightly below market expectations but perfectly in line with the five-year average. This build increased total supplies while maintaining a surplus of 151 billion cubic feet. Looking ahead, weather forecasts indicate varying temperatures across the U.S., with rain and cooler weather in the north contrasting with intense heat in the western and southern states. Overall, these conditions point to a light to moderate domestic demand profile for the remainder of the week.