As the current session draws to a close, Natural Gas remains in the $2.17 – $2.27 range after dropping 0.31%.
- United States's Consumer Confidence new data released of 101.3 below its previous figure.
- US Natural Gas has been pretty quiet for the last 6 days, trading mostly flat and moving by only 1.8 cents on average.
United States New Home Sales (Mar) released today at 14:00 UTC with a figure of 683,000, while the previous figure was 623,000. United States Consumer Confidence published today at 14:00 UTC came out at 101.3, falling short of the 104 projections and continuing its decline from the previous 104 figure.
Natural Gas made an initial break below its 10 day Simple Moving Average at $2.2, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $2.26 currently serving as support. If price action breaks below, the next Fib hurdle is $2.02. NYMEX Gas's upper Bollinger Band® is at $2.35, suggesting that a downward move may follow. In contrast, NYMEX Gas reversed direction at $2.2 support zone and climbed 6 cents above it.
Despite the market lacking direction, technical chart analysis strongly suggests Natural Gas is positioned for a downward move in the near term.
United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was -0.1%, data will be available tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million. It previously stood at -4.58 million; data will be released tomorrow at 14:30 UTC.
Heating Oil descends 3.22% to trade around $2.45. Brent Crude Oil is trading around $80.59 (down $1.95). Crude Oil is down to $76.81, losing $1.95, after closing at $78.76 in the preceding trading session.
Natural Gas has fallen back around 76.52% over the past 8 months, from a notable high of $9.68.