A quick look at yesterday: NYMEX Natural Gas went up to $6.46 per MMBtu yesterday, gaining 8.1%.
This move comes while some more positive signs for US Natural Gas are out as United States Non Farm Payrolls beat the 200,000 projections, with 261,000.
On the flip side, United States Unemployment Rate fell short of the 3.6 projections, with new data of 3.7.
At the same time, United States CFTC S&P 500 speculative net positions released yesterday at 19:30 UTC with a figure of -175,100, while the previous figure was -219,100.
Natural Gas made an initial breakout above its 21 day Simple Moving Average at $6, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $6.47 currently serving as resistance Despite this, US Natural Gas could be slowing down soon; it is getting close to the resistance line and is now at $6.64, only 18 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems US Natural Gas might continue pointing upwards in the short term.
This rally in US Natural Gas's price coincides with other Energy as Crude Oil is trading around $93 after ending yesterday's session at $88.35 (up 5.28% today). Brent Crude Oil rallies 4.19% yesterday and closed at $94.67. Heating Oil added 0.74% and closed around $3.87 yesterday.
Approximately 2 months ago, Natural Gas reached a significant high of $9.68 but has struggled to hold onto its gains and declined 38.27% since then.