Without a clear-cut direction, Natural Gas is trading around $2.46 per MMBtu and ranging between $2.45 and $2.5.
United States Fed Chair Powell speech is next today at 17:00 UTC.
Natural Gas made an initial break below its 5 day Simple Moving Average at $2.49, a possible indication of a forthcoming negative trend. On the other hand, note that NYMEX Natural Gas is approaching key support, around 8 cents away from $2.38. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests NYMEX Gas is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Heating Oil added 2.34% to its value, now trading at $2.83. Crude Oil is up 2.27%. Having closed the previous session at $81, Brent Crude Oil is up 2.12% today to currently trade at around $82.71.
Moreover, tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 2.15 million from the preceding figure of 4.14 million. United States Fed Chair Powell speech will be released today at 17:00 UTC. United States EIA Short-Term Energy Outlook is expected today at 17:00 UTC.
The commodity has been trending lower for about a month. Natural Gas is now trading 64.62% below its 3-month high of $9.68.