Tentatively higher from an earlier low of $6.5, NYMEX Gas is up to $6.76 per MMBtu today, adding 17.3 cents, or 2.63%, to yesterday's closing price of $6.59.
United States Consumer Price Index is next today at 13:30 UTC.
At the same time, United States Federal Budget Balance (Nov) released yesterday at 19:00 UTC with a figure of -249 billion, while the previous figure was -88 billion. United States 10-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.625, while the previous figure was 4.14. United States 3-Year Note Auction released yesterday at 16:30 UTC with a figure of 4.093, while the previous figure was 4.605.
Fibonacci-focused traders would be interested to note that Natural Gas is oscillating around the key Fibonacci resistance level of $6.74. Technical analysis shows that US Natural Gas could be slowing down soon as it approaches resistance at $6.93. Of course, crossing it might suggest further gains are ahead.
This rally in Natural Gas's price coincides with other Energy as Heating Oil moves up 1.1% to trade around $3. Brent Crude Oil ascends 0.82% to trade around $78.63.
Other Energy are showing mixed performance as Crude Oil trades around $73.51, with no major change.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -3.91 million. It previously stood at -5.19 million; data will be released tomorrow at 15:30 UTC.
The market is looking forward to the release of new data: United States Consumer Price Index is expected today at 13:30 UTC. United States Interest Rate is expected tomorrow at 19:00 UTC.
Approximately 3 months ago, Natural Gas reached a significant high of $9.68 but has struggled to hold onto its gains and declined 31.95% since then.