Natural Gas is down to $4.12 per MMBtu, after ending Friday at $4.47. Overall, a 8% loss or 35.9 cents today.
Trend-focused traders 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 Bollinger Bands® shows an indication of recovery: the lower band is at $3.93, a low enough level to, generally, suggest that NYMEX Gas is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates NYMEX Natural Gas will remain range-bound for the immediate future.
Energy have been showing mixed performances as Crude Oil trades with no major change, around $80.71. Brent Crude Oil moves 0.44% to trade around $86.29.
Furthermore, United States JOLTs Job Openings (Nov) is expected tomorrow at 15:00 UTC. United States ISM Manufacturing PMI (Dec) scheduled to come out tomorrow at 15:00 UTC. United States FOMC Meeting Minutes is scheduled for tomorrow at 19:00 UTC.
Having set a significant high of $9.68 4 months ago, NYMEX Natural Gas is trading 53.77% lower.