Natural Gas trades at $2.74 per MMBtu, after ending yesterday at $2.75.
United States ISM Manufacturing PMI (Feb) is next.
This uncertain state for NYMEX Gas is reflected by published market data as following a previous reading of 106, Consumer Confidence in United States released yesterday at 15:00 UTC fell short of the 108.5 figure expected by analysts with an actual reading of 102.9. United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.20 million, while the previous figure was 9.89 million. United States Chicago PMI (Feb) came out at 43.6, while a consensus of analysts was expecting 45.
Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Natural Gas price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, NYMEX Gas's upper Bollinger Band® is at $2.82, suggesting that a downward move may follow.
Notwithstanding NYMEX Natural Gas's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil rises 1.72% to trade around $83.87. Heating Oil trades around $2.82, with no major change.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as projections for United States Crude Oil Inventories are set for a continuation of decline with 457,000 while previous data was 7.65 million; data will be released today at 15:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000. United States ISM Manufacturing PMI (Feb) is scheduled for today at 15:00 UTC.
8 days ago, Natural Gas fell to a low of $2.02 but has since recovered 36%.