NYMEX Gas drops from $2.69 to $2.62 per MMBtu, losing 7.2 cents (2.68%) today.
NYMEX Gas is currently trading at $2.62 following the release of ADP Nonfarm Employment Change (Feb) data from the United States.
Amid the market gloom, United States ADP Nonfarm Employment Change (Feb) released today at 13:15 UTC with a figure of 242,000, while the previous figure was 119,000. United States Trade Balance (Jan) came out at -68.3 billion, while a consensus of analysts was expecting -68.9 billion. Beating their previous number of 249 billion, United States Exports released 257.5 billion today at 13:30 UTC.
Despite being in the red so far in the current trading session, Natural Gas peaked above its 3 day Simple Moving Average around $2.75 — typically an early indicator of a new bullish trend beginning to emerge. US Natural Gas could begin to recover as it approaches significant support, now 2 cents away from $2.63. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems US Natural Gas might start pointing upward in the short term.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 395,000 from the preceding figure of 1.17 million. United States Initial Jobless Claims expected to decline to 195,000 while its preceding data was 190,000, data will be available tomorrow at 13:30 UTC.
Furthermore, United States JOLTs Job Openings (Jan) is expected today at 15:00 UTC.
Natural Gas has recovered 33.02% since descending to a significant low of $2.02 around 15 days ago.