NYMEX Gas slides down from $3.64 to $3.6 per MMBtu today, losing 3.8 cents (1.04%).
US Natural Gas's state is reflected by market data as United States API Weekly Crude Oil Stock came out at 14.87 million, while a consensus of analysts was expecting -2.38 million. United States 3-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.977, while the previous figure was 4.093.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. On the other hand, note that the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In NYMEX Gas's case, the index has fallen below 30, signalling that the asset is oversold.
Despite the market lacking direction, technical chart analysis strongly suggests Natural Gas is positioned for a downward move in the near term.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories projected to decline to -2.24 million while previous data was 1.69 million; data will be released today at 15:30 UTC. United States Core Consumer Prices is expected tomorrow at 13:30 UTC. United States Consumer Price Index is expected tomorrow at 13:30 UTC.
Having soared to a high of $9.68 approximately 4 months ago, NYMEX Natural Gas is now trading 62.41% lower.