The price of natural gas has emerged from a six-month downtrend and re-entered its longer-term uptrend channel. The breakout supports higher natural gas prices over the intermediate-term, and the channel’s long-term upside momentum is a tailwind looking out into 2026. The United States Natural Gas Fund (UNG) is a common vehicle for gaining exposure to natural gas prices. UNG has a fresh short-term breakout above resistance from the daily cloud model, which had capped gains since March. The breakout completes a bullish double-bottom pattern amid positive short-term momentum, targeting the 200-day moving average (MA) near $16 over the coming weeks. On the weekly chart, the MACD has a bullish crossover that suggests intermediate-term momentum has improved meaningfully. The momentum shift followed stabilization at long-term support from the November 2024 low, which is $12.30. Former support going back to the January low near $15.90 — which roughly aligns with the 200-day MA — now forms a resistance zone. UNG has seen performance versus equities improve over the past three months, resulting in a loss of downside momentum in the ratio of UNG to the S & P 500 Index (SPX). The ratio has decisively cleared the 50-day MA, and the slope of the 50-day MA has turned higher in a reflection of improved intermediate-term momentum for natural gas versus equities. A 40-day rolling correlation of UNG to SPX is roughly zero, so UNG can be useful as a diversifier if the equity market weakens. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . DISCLOSURES: None. All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. 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