Natural Gas trades at $5.42 per MMBtu, after ending yesterday at $5.47.
Natural Gas's state is reflected by market data as United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -6.43 million, while the previous figure was -7.85 million. United States Trade Balance (Oct) came out at -78.2 billion, while a consensus of analysts was expecting -80 billion. United States Exports data released yesterday at 13:30 UTC showed continuing decline to 256.6 billion from a previous figure of 258.5 billion.
With regards to technical trend indicators, chart analysis show that 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. Asset volatility analysis shows that Natural Gas's upper Bollinger Band® is at $7.59 and the lower is $5.36. As the day gets underway, chart analysis suggests NYMEX Gas is approaching key support, around 19 cents away from $5.23. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
With market volatility ebbing, the current technical outlook indicates NYMEX Natural Gas will remain range-bound for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil trades around $79.76, with no major change. Crude Oil moves 0.34% to trade around $74.5. Heating Oil trades with no major change, around $2.92.
Furthermore, the market is looking at United States Crude Oil Inventories is projected to outperform its last figure with -3.31 million. It previously stood at -12.58 million; data will be released today at 15:30 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 230,000, following on from the preceding figure of 225,000. New data is set to be published tomorrow at 13:30 UTC.
Approximately 3 months ago, NYMEX Gas reached a significant high of $9.68 but has struggled to hold onto its gains and declined 43.5% since then.