Today at a glance: NYMEX Gas rallied 10.6 cents (4.93%) deep into the session, closing at $2.11 per MMBtu.
On the flip side, United States Core Retail Sales fell short of the -0.3% projections, with new data of -0.8%. Retail Sales in United States fell short of market expectations (-0.4%) with a reading of -1%, continuing the decline from the previous figure of -0.2%. Producer Price Index in United States fell short of market expectations (0.1%) with a reading of -0.5%, continuing the decline from the previous figure of 0%.
Natural Gas made an initial breakout above its 10 day Simple Moving Average at $2.1, a potential indicator of a newly emerging bullish phase. When "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. In contrast, Natural Gas could be slowing down soon; it is getting close to the resistance line and is now at $2.18, only 7 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts NYMEX 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.
While US Natural Gas is appreciating, other Energy are comparatively not doing so well — Heating Oil lost 0.95% today and closed at $2.67.
Other Energy showed mixed performance as a flat day for Crude Oil, closing at $82.68. A flat day for Brent Crude Oil, closing at $86.45.
The commodity has been trending lower for about a month. Having set a significant high of $9.68 7 months ago, Natural Gas is trading 79.27% lower.