After closing the previous trading day at $2.1, NYMEX Gas is up to $2.15 per MMBtu, which makes for a move of 2.09%/4.4 cents today.
New United States Average Hourly Earnings improved upon the previous 0.3% figure while also exceeding analyst expectations with a reading of 0.5%.
Uptick comes while some more positive signs for NYMEX Gas are out as data for United States Average Hourly Earnings published today at 12:30 UTC came out at 0.5%, beating projections of 0.3% and showing improvement over the preceding figure of 0.3%. Data for United States Non Farm Payrolls published today at 12:30 UTC came out at 253,000, beating projections of 180,000 and showing improvement over the preceding figure of 165,000. Data for United States Unemployment Rate published today at 12:30 UTC came out at 3.4, beating projections of 3.6 and showing improvement over the preceding figure of 3.5.
Natural Gas's lower Bollinger Band® is at $2, indicating that the market is oversold and fertile for new buyers.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Natural Gas to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the NYMEX Natural Gas is expected to pick up significant bullish sentiment in the coming days.
A look at other Energy also shows upside as Crude Oil is up 4.24%. Having closed the previous session at $72.5, Brent Crude Oil is up 4% today to currently trade at around $75.41. Heating Oil is up 3.52%.
8 months ago NYMEX Gas reached a significant high of $9.68 but has consequently lost 78.3% since then.