A quick look at yesterday: generally flat but with a slight bullish bias, NYMEX Natural Gas ranged between $2.29 and $2.53 before closing higher at $2.4 per MMBtu.
At the same time, United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 236,400, while the previous figure was 244,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 185,300, while the previous figure was 189,900.
Despite posting gains on yesterday, Natural Gas slid below its 50 day Simple Moving Average at $2.35 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $2.44, thereby suggesting that NYMEX Natural Gas is becoming overvalued. Although US Natural Gas is appreciating today after rising as high as $2.53, price action is now slowing and consolidating around 12 cents below the $2.52 resistance level.
Technical analysis of NYMEX Gas price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
A look at other Energy also shows upside as Brent Crude Oil went up by 2.6% yesterday, and closed at $80.25. Crude Oil rises 2.5% yesterday and closed at $74.76. Heating Oil moves up 0.83% yesterday and closed at $2.35.
Natural Gas reached a significant high of $9.68 around 8 months ago but has lost 75.67% since then.