Natural Gas went up to $5.65 only to drop back some of the way and is now trading at $5.62 per MMBtu.
Natural Gas is currently trading at $5.62 following the release of ISM Non-Manufacturing PMI (Nov) data from the United States.
Uncertainty around NYMEX Gas is reflected by published market data as United States ISM Non-Manufacturing PMI (Nov) released today at 15:00 UTC with a figure of 56.5, while the previous figure was 54.4. United States Factory Orders beat analyst expectations of 0.7% and the previous reading of 0.3% with new data of 1%. Fresh ISM Non-Manufacturing Employment (Nov) data from United States came out at 51.5.
Following today's trading session, chart analysis suggests Natural Gas is currently alternating around $5.79 with price action moving above and below this key level throughout the session. Trend analysis indicates 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. Bearish sentiment was sufficient to push prices below the known Fib level of $6.2 serving as intraday support. Analysis based on the asset volatility indicates that Natural Gas's upper Bollinger Band® is at $7.52 and the lower is $5.51.
Overall, technical indicators suggest NYMEX Gas has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Energy as having closed the previous session at $76.93, Crude Oil is up 0.75% today to currently trade at around $77.51. Brent Crude Oil moves 0.41% to trade around $83. Heating Oil trades around $3, with no major change.
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 17:00 UTC.
US Natural Gas reached a significant high of $9.68 around 3 months ago but has lost 42.39% since then.