NYMEX Gas drops from $6.78 to $6.57 per MMBtu, losing 20.2 cents (2.98%) today.
While price action maintains a negative bias, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.974, while the previous figure was 4.192. United States 2-Year Note Auction released yesterday at 16:30 UTC with a figure of 4.505, while the previous figure was 4.46.
Natural Gas made an initial break below its 50 day Simple Moving Average at $6.52, a possible indication of a forthcoming negative trend. Having stamped out a session range of $6.46 to $6.73, Fibonacci-inclined US Natural Gas traders were highly concentrated around active Fibonacci support at $6.47. NYMEX Gas's upper Bollinger Band® is at $6.92 which indicates a further downward move may follow. On the other hand, note that US Natural Gas could begin to recover as it approaches significant support, now 24 cents away from $6.33. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for NYMEX Natural Gas.
Though US Natural Gas has been dropping, other Energy have been performing better: having closed the previous session at $79.73, Crude Oil is up 1.84% today to currently trade at around $81.2. Brent Crude Oil gained 1.41% and is currently trading at $88.68.
Around the markets, mixed performances are seen by Energy as Heating Oil moves 0.55% to trade around $3.52.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 225,000 from the preceding figure of 222,000.
Some optimism can drawn from the fact that United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.5%; data will be released tomorrow at 13:30 UTC.
Furthermore, United States New Home Sales (Oct) scheduled to come out tomorrow at 15:00 UTC.
NYMEX Natural Gas has shed 30% over the past three months.