Currently trading at $2.21 per MMBtu, Natural Gas remains range-bound between $2.13 and $2.25.
- United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.
- Today's session seems to be pointing upwards and is building on US Natural Gas's 3 days of gains (+15.3 cents).
Technical analysis of NYMEX Gas before macro data is released:
Natural Gas made an initial breakout above its 10 day Simple Moving Average at $2.18, a potential indicator of a newly emerging bullish phase. Despite this, US Natural Gas could be slowing down soon as it approaches resistance at $2.26. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems NYMEX Gas might continue pointing upwards in the short term.
Coming up for US Natural Gas — United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million. It previously stood at -3.74 million; data will be released tomorrow at 14:30 UTC. United States Consumer Price Index is expected tomorrow at 12:30 UTC.
As the markets get ready for more data to be released — Crude Oil gained 2.08% and is currently trading at $81.4. Brent Crude Oil added 1.51% to its value, now trading at $85.45.
The commodity has been trending lower for about a month. Over the past 7 months, NYMEX Gas has retreated 77.56% from a noteworthy peak of $9.68.