Small gain for Natural Gas at $5.83 per MMBtu after ranging between $5.77 and $5.94 today.
United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 230,000.
Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of -3.31 million with a reading of -5.19 million.
At the same time, United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of -373,000, while the previous figure was -415,000. United States Unit Labor Costs (QoQ) (Q3) came out at 2.4, while a consensus of analysts was expecting 3.1.
Natural Gas made an initial breakout above its 5 day Simple Moving Average at $5.97, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $5.77 to $5.94, Fibonacci-inclined Natural Gas traders were highly concentrated around active Fibonacci resistance at $5.85. Despite this, Natural Gas broke through the $5.92 resistance and climbed 9 cents above it.
Overall, looking at the technical analysis landscape, it seems NYMEX Gas might continue pointing upwards in the short term.
A look at other Energy also shows upside as Crude Oil added 0.86% to its value, now trading at $72.63. Brent Crude Oil gained 0.7% and is now trading at $77.71.
Other Energy are showing mixed performance as Heating Oil moves 0.58% to trade around $2.8.
Also worthy of note, today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 230,000 from the preceding figure of 225,000.
Furthermore, the market is looking at United States Producer Price Index is expected tomorrow at 13:30 UTC.
Natural Gas reached a significant high of $9.68 around 3 months ago but has lost 40.88% since then.