Natural Gas drops from $6.27 to $6 per MMBtu, losing 26.8 cents (4.08%) today.
Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 220,000. Potentially significant price fluctuations in US Natural Gas are expected to follow.
Crude Oil Inventories in United States fell short of market expectations (367,000) with a reading of -3.12 million, continuing the decline from the previous figure of 2.59 million.
Amid the market gloom, United States Interest Rate released yesterday at 18:00 UTC with a figure of four, while the previous figure was 3.25. United States ADP Nonfarm Employment Change (Oct) came out at 239,000, while a consensus of analysts was expecting 195,000.
Natural Gas made an initial break below its 21 day Simple Moving Average at $6.03, a possible indication of a forthcoming negative trend. In contrast, NYMEX Gas could begin to recover as it approaches significant support, now 8 cents away from $5.94. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems NYMEX Natural Gas is likely to start pointing downward in the short term.
In the meantime, negative performances are also seen in other Energy as Brent Crude Oil is down to $95.11, losing $1.05, after closing at $96.16 in the preceding trading session.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 200,000, following on from the preceding figure of 263,000. New data is set to be published tomorrow at 12:30 UTC. United States Unemployment Rate projected to decline to 3.6 while previous data was 3.5; data will be released tomorrow at 12:30 UTC.
Furthermore, United States ISM Non-Manufacturing PMI (Oct) is expected today at 14:00 UTC.
Approximately 2 months ago, NYMEX Gas reached a significant high of $9.68 but has struggled to hold onto its gains and declined 35.25% since then.