NYMEX Natural Gas today at a glance: without a clear-cut direction, Natural Gas is trading around $2.39 per MMBtu and ranging between $2.35 and $2.44. United States Initial Jobless Claims is next today at 13:30 UTC.
Technical analysis of NYMEX Gas before macro data is released:
US Natural Gas's notable support and resistance levels: Natural Gas is approaching key support, around 10 cents away from $2.29. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. According to momentum evaluation, the Relative Strength Index indicates NYMEX Natural Gas is in an oversold condition, which could precipitate a reversal and set up a new bullish phase.
Earlier data releases related to NYMEX Gas – Crude Oil Inventories in United States fell short of market expectations (2.46 million) with a reading of 2.42 million, continuing the decline from the previous figure of 4.14 million. United States 10-Year Note Auction released yesterday at 18:01 UTC with a figure of 3.613, while the previous figure was 3.575.
Coming up for US Natural Gas — United States Initial Jobless Claims projected to decline to 190,000 while previous data was 183,000; data will be released today at 13:30 UTC.
The commodity has been trending lower for about a month. Over the past 5 months, NYMEX Natural Gas has retreated 75.25% from a noteworthy peak of $9.68.