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Trading Signals

Running out of gas? NYMEX Gas down to $2.34 (-2.74%)

01 May 2023

NGUSD

While NYMEX Natural Gas is in the midst of a 4 day up trend, Bucking the trend and turning lower, US Natural Gas is down to $2.34 per MMBtu, after ending Friday at $2.41. Overall, a 2.74% loss or 6.6 cents today.

United States ISM Manufacturing PMI (Apr) is next today at 14:00 UTC.

Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Natural Gas price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, US Natural Gas's upper Bollinger Band® is at $2.44 which indicates a further downward move may follow.

Notwithstanding Natural Gas's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

In the meantime, negative performances are also seen in other Energy as Crude Oil is down 83 cents from the beginning of the session and now trades around $75.95. Brent Crude Oil is trading around $79.59 (down 74 cents).

Furthermore, United States JOLTs Job Openings (Mar) scheduled to come out tomorrow at 14:00 UTC. United States ISM Manufacturing PMI (Apr) is scheduled for today at 14:00 UTC.

NYMEX Gas is now trading 75.1% below the significant high of $9.68 it set around 8 months ago.

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