Natural Gas drops from $6.74 to $6.62 per MMBtu, losing 12.2 cents (1.81%) today.
- Non Farm Payrolls data from United States will be released today at 13:30 UTC with analysts expecting a decline to 200,000. Potentially significant price fluctuations in NYMEX Natural Gas are expected to follow.
- Today's losses are adding to a 3 day bearish run, during which US Natural Gas lost 34.6 cents of its value.
Earlier data releases related to US Natural Gas – United States ISM Manufacturing PMI (Nov) released yesterday at 15:00 UTC with a figure of 49, while the previous figure was 50.2. United States Core PCE Price Index (MoM) (Oct) came out at 0.2, while a consensus of analysts was expecting 0.3.
Here is the technical analysis of Natural Gas before its data is released:
Natural Gas made an initial break below its 21 day Simple Moving Average at $6.57, a possible indication of a forthcoming negative trend. In contrast, Natural Gas could begin to recover as it approaches significant support, now 6 cents away from $6.56. Dipping below could be an indication that further losses are ahead.
In the short term, NYMEX Gas is expected to maintain its recent downtrend and continue spiralling lower.
Coming up for NYMEX Gas — projections for United States Non Farm Payrolls are set for a continuation of decline with 200,000 while previous data was 261,000; data will be released today at 13:30 UTC. United States Unemployment Rate is expected today at 13:30 UTC.
As the markets get ready for more data to be released — Heating Oil moves up 1.05% to trade around $3.3.
3 months ago NYMEX Gas reached a significant high of $9.68 but has consequently lost 30.39% since then.