NYMEX Natural Gas trades at $5.25 per MMBtu, after ending yesterday at $5.2.
United States Consumer Confidence is next.
This uncertain state for US Natural Gas is reflected by published market data as United States Services PMI released yesterday at 13:45 UTC with a figure of 46.6, while the previous figure was 49.3. United States Composite PMI came out at 47.3, while a consensus of analysts was expecting 49.3. United States Manufacturing PMI came out at 49.9.
Concerning technical analysis and more specifically, trend indicators, 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. According to momentum evaluation, the Relative Strength Index indicates Natural Gas is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Natural Gas's upper Bollinger Band® is at $7.59 and the lower is $5.09.
Overall, technical indicators suggest NYMEX Natural Gas has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Crude Oil is down to $84.2, losing $1.28, after closing at $85.47 in the preceding trading session.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with 200,000. It previously stood at -1.73 million; data will be released tomorrow at 14:30 UTC. United States New Home Sales (Sep) scheduled to come out tomorrow at 14:00 UTC. Today at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 106.5 from the preceding figure of 108.
The commodity has been trending lower for about a month. 2 months ago Natural Gas reached a significant high of $9.68 but has consequently lost 46.29% since then.