Without a clear-cut direction, NYMEX Gas is trading around $5.91 per MMBtu and ranging between $5.88 and $6.2.
- US Natural Gas is currently trading at $5.91 following the release of Producer Price Index data from the United States.
- While mostly sideways today, NYMEX Natural Gas is on a 3 day bearish trend during which it lost 30.6 cents.
New United States Producer Price Index data fell short of the 0.4% projected by analysts with a reading of 0.2% while failing to improve upon the previous reading from last month (0.2%). United States NY Empire State Manufacturing Index (Nov) released today at 13:30 UTC with a figure of 4.5, while the previous figure was -9.1.
Natural Gas made an initial breakout above its 10 day Simple Moving Average at $6.14, a potential indicator of a newly emerging bullish phase. US Natural Gas is approaching key support, around 17 cents away from $5.74. 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 muted price action in US Natural Gas, chart analysis indicates it is positioned for a bullish run in the short term.
United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at 0.1%; data will be released tomorrow at 13:30 UTC. Tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.36 million from the preceding figure of 3.92 million.
Heating Oil goes up 0.79% to trade around $3.57. Brent Crude Oil is down to $91.83, losing $1.31, after closing at $93.14 in the preceding trading session.
Approximately 2 months ago, US Natural Gas reached a significant high of $9.68 but has struggled to hold onto its gains and declined 38.71% since then.