As the current session draws to a close, Natural Gas remains in the $2 – $2.16 range after dropping 4.42%.
US Natural Gas is currently trading at $2.12 following the release of ISM Manufacturing PMI (Mar) data from the United States.
Meanwhile, United States ISM Manufacturing PMI (Mar) came out at 46.3, while a consensus of analysts was expecting 47.5. United States ISM Manufacturing Employment (Mar) released today at 14:00 UTC with a figure of 46.9, while the previous figure was 49.1. United States ISM Manufacturing Prices (Mar) released today at 14:00 UTC with a figure of 49.2, while the previous figure was 51.3.
Despite being in the red so far in the current trading session, Natural Gas peaked above its 3 day Simple Moving Average around $2.13 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $2, a low enough level to, generally, suggest that NYMEX Natural Gas is trading below its fair value. Although Natural Gas is pointing down today (was as low as $2), it's climbing away from the $2 support line and is now 10 cents above it.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems US Natural Gas is set to appreciate despite today's setback.
Though NYMEX Natural Gas has been dropping, other Energy have been performing better: Crude Oil is up 6.41%. Brent Crude Oil rallies 6.4% to trade around $85. Having closed the previous session at $2.62, Heating Oil is up 1.77% today to currently trade at around $2.67.
Furthermore, United States JOLTs Job Openings (Feb) will be released tomorrow at 14:00 UTC.
The commodity has been trending lower for about 30 days. 7 months ago Natural Gas reached a significant high of $9.68 but has consequently lost 77.11% since then.