US Natural Gas slides down from $6.37 to $6.2 per MMBtu today, losing 17.2 cents (2.7%).
United States Existing Home Sales (Oct) is next today at 15:00 UTC.
On the flip side, positive data for Natural Gas released earlier when data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 222,000, beating projections of 225,000 and showing improvement over the preceding figure of 226,000.
Amid the market gloom, United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2. United States Building Permits (Oct) released yesterday at 13:30 UTC with a figure of 1.53 million, while the previous figure was 1.56 million.
Natural Gas made an initial break below its 10 day Simple Moving Average at $6.2, a possible indication of a forthcoming negative trend. Despite this, Natural Gas could begin to recover as it approaches significant support, now 3 cents away from $6.17. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems NYMEX Gas is likely to continue pointing down in the short term.
In addition, Crude Oil moves 0.49% to trade around $82.04. Heating Oil moves 0.35% to trade around $3.54. Brent Crude Oil moves 0.21% to trade around $89.97.
Furthermore, United States Existing Home Sales (Oct) scheduled to come out today at 15:00 UTC.
2 months ago NYMEX Natural Gas reached a significant high of $9.68 but has consequently lost 34.2% since then.