A quick look at today: NYMEX Natural Gas dipped as low as $2.17 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($2.23) with NYMEX Natural Gas closing the day at $2.23 per MMBtu.
Natural Gas could begin to recover as it approaches significant support, now 6 cents away from $2.18. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, NYMEX Natural Gas peaked above its 3 day Simple Moving Average around $2.29 — typically an early indicator of a new bullish trend beginning to emerge. NYMEX Gas's lower Bollinger Band® is at $2.2, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis indicates that Natural Gas's current downtrend might soon change course and start climbing up in the short term.
Positive performances can be seen by looking at other Energy markets as Heating Oil is trading around $2.75 after ending today's session at $2.71 (up 1.36% today). Brent Crude Oil climbs 1.18% today and closed at $83. Crude Oil is trading around $77.13 after ending today's session at $76.34 (up 1.03% today).
Furthermore, United States Existing Home Sales (Jan) scheduled to come out tomorrow at 15:00 UTC.
The commodity has been trending lower for about 2 months. NYMEX Natural Gas hit a significant low of $2.2 around a day ago, but has since recovered 3.6%.