After dropping down to $2.17, NYMEX Gas recovers some losses and is currently trading at $2.21 per MMBtu.
- United States Existing Home Sales (Mar) is next.
Earlier data releases related to US Natural Gas – United States Philadelphia Fed Manufacturing Index (Apr) released today at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2. Highly important Initial Jobless Claims data from United States beat analyst expectations of 240,000 with a reading of 245,000.
Technical analysis of US Natural Gas before macro data is released:
Natural Gas made an initial breakout above its 21 day Simple Moving Average at $2.21, a potential indicator of a newly emerging bullish phase. NYMEX Natural Gas is climbing away and is now 9 cents from the $2.12 support line.
Despite muted price action in NYMEX Gas, chart analysis indicates it is positioned for a bullish run in the short term.
Coming up for NYMEX Gas — United States Existing Home Sales (Mar) is expected today at 14:00 UTC.
As the markets get ready for more data to be released — Brent Crude Oil is down to $81.44, losing $1.68, after closing at $83.12 in the preceding trading session. After ending yesterday's session at $79.16, Crude Oil lost $1.61 and is trading around $77.55. Heating Oil slides down 1.94% to trade around $2.51.
Natural Gas has fallen back around 77.05% over the past 7 months, from a notable high of $9.68.