Natural Gas has been losing ground for 4 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $5.33, US Natural Gas is up to $5.5 per MMBtu, which makes for a move of 3.25%/17.3 cents today.
United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 101 (previous figure was 100.2).
At the same time, United States Building Permits (Nov) released yesterday at 13:30 UTC with a figure of 1.34 million, while the previous figure was 1.51 million. United States API Weekly Crude Oil Stock came out at -3 million, while a consensus of analysts was expecting -167,000. United States Housing Starts (Nov) came out at 1.43 million, while a consensus of analysts was expecting 1.4 million.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that US Natural Gas's lower Bollinger Band® is at $5.29, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests US Natural Gas is likely to remain muted for the immediate future, with no clear-cut direction.
This rally in US Natural Gas's price coincides with other Energy as having closed the previous session at $3.06, Heating Oil is up 0.69% today to currently trade at around $3.08.
Other Energy are showing mixed performance as Brent Crude Oil trades around $80.13, with no major change.
Also worthy of note, as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -1.66 million, following on from the preceding figure of 10.23 million. New data is set to be published today at 15:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 222,000 while previous data was 211,000; data will be released tomorrow at 13:30 UTC.
The market is looking forward to the release of new data: United States Existing Home Sales (Nov) is expected today at 15:00 UTC.
US Natural Gas has fallen back around 44.98% from the significant high of $9.68 set 3 months ago.