Yesterday at a glance: NYMEX Gas dipped as low as $2.16 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($2.19) with US Natural Gas closing the day at $2.22 per MMBtu.
Meanwhile, United States Services PMI released yesterday at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 189,900, while the previous figure was 192,700.
Technical chart analysis shows Natural Gas could begin to recover as it approaches significant support, now 6 cents away from $2.16. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show that despite being in the red so far in the current trading session, NYMEX Gas peaked above its 21 day Simple Moving Average around $2.21 — typically an early indicator of a new bullish trend beginning to emerge. Asset volatility analysis shows that NYMEX Gas's upper Bollinger Band® is at $2.33 which indicates a further downward move may follow.
With market volatility ebbing, the current technical outlook indicates US Natural Gas will remain range-bound for the immediate future.
Though Natural Gas has been dropping, other Energy have been performing better: Brent Crude Oil is trading around $81.76 after ending yesterday's session at $81.1 (up 0.81% today). Notably, Crude Oil rose 0.75% yesterday and closed at $77.37.
At the same time, Heating Oil moves 0.17% yesterday and closed at $2.49.
Having soared to a high of $9.68 approximately 7 months ago, NYMEX Natural Gas is now trading 76.77% lower.