Natural Gas rallies 9.2 cents (4.04%) deep into the session, trading at $2.37 per MMBtu.
Natural Gas is currently trading at $2.37 following the release of Building Permits (Mar) data from the United States.
At the same time, United States Building Permits (Mar) released today at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. Following a previous reading of 7.3%, Housing Starts in United States released today at 12:30 UTC fell short of the 0.4% figure expected by analysts with an actual reading of -0.8%. United States Building Permits came out at -8.8%, while a consensus of analysts was expecting -6%.
Natural Gas could be slowing down soon as it approaches resistance at $2.35. Of course, crossing it might suggest further gains are ahead. Despite posting gains so far today, US Natural Gas slid below its 21 day Simple Moving Average at $2.24 in earlier trade — an early indicator that a negative trend could be emerging.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Natural Gas is set for a reversal in the coming days.
Furthermore, the market is looking at tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -2.46 million from the preceding figure of 597,000.
Natural Gas hit a significant low of $2 around 5 days ago, but has since recovered 12.9%.