Yesterday at a glance: Natural Gas slid down from $7.31 to $7.02 per MMBtu, losing 28.4 cents (3.89%) today.
Natural Gas made an initial break below its 200 day Simple Moving Average at $7.1, a possible indication of a forthcoming negative trend. US Natural Gas's upper Bollinger Band® is at $7.32 which indicates a further downward move may follow. Despite this, NYMEX Natural Gas could begin to recover as it approaches significant support, now 3 cents away from $7.05. 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 Natural Gas.
NYMEX Natural Gas's value drop coincided with the fact that Heating Oil is down to $3.24, losing 12.02 cents, after ending the previous session around $3.36. Brent Crude Oil is down to $83.63, losing $1.78, after ending the previous session around $85.41. Crude Oil is down to $76.28, losing $1.66, after ending the previous session around $77.94.
3 months ago NYMEX Gas reached a significant high of $9.68 but has consequently lost 24.5% since then.