NYMEX Natural Gas spikes to $7.3 per MMBtu, climbing by 51.9 cents.
NYMEX Natural Gas is currently trading at $7.3 following the release of FOMC Meeting Minutes data from the United States.
Uptick comes while some more positive signs for US Natural Gas are out as United States Core Durable Goods Orders came out at 0.5%, better than analyst estimates of 0.1% and improving upon the previous reading of -0.9%.
On the flip side, United States Crude Oil Inventories released earlier showed a marked improvement to -3.69 million from the preceding data of -5.4 million, but fell short of the -1 million figure forecast by a consensus of market analysts.
Meanwhile, United States New Home Sales (Oct) came out at 632,000, while a consensus of analysts was expecting 570,000.
Natural Gas made an initial breakout above its 200 day Simple Moving Average at $7.07, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $6.89 to $7.6, Fibonacci-inclined NYMEX Gas traders were highly concentrated around active Fibonacci resistance at $7.48. NYMEX Gas has just crossed its upper Bollinger Band® at $7.15, suggesting further gains could be on the cards.
Overall, looking at the technical analysis landscape, it seems NYMEX Natural Gas might continue pointing upwards in the short term.
Meanwhile, Crude Oil falls 4.03% to trade around $77.69. Brent Crude Oil is down to $85, losing $3.36, after closing at $88.36 in the preceding trading session. Heating Oil is trading around $3.37 (down 10.41 cents).
Natural Gas is now trading 30% below its 3-month high of $9.68.