US Natural Gas is down to $5.89 per MMBtu, after ending yesterday at $6. Overall, a 1.88% loss or 11.4 cents today.
Amid the market gloom, United States NY Empire State Manufacturing Index (Oct) came out at -9.1, while a consensus of analysts was expecting -4.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. Natural Gas has just crossed the lower Bollinger band at $6, indicating further losses could be forthcoming.
In the short term, NYMEX Natural Gas is expected to maintain its recent downtrend and continue spiralling lower.
Around the markets, mixed performances are seen by Energy as Brent Crude Oil trades with no major change, around $92.16. Heating Oil trades around $4.11, with no major change. Crude Oil moves 0.42% to trade around $86.24.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.55 million from the preceding figure of 9.88 million.
Furthermore, United States Building Permits (Sep) is expected tomorrow at 12:30 UTC.
The commodity has been trending lower for about a month. US Natural Gas is now trading 38.03% below the significant high of $9.68 it set around a month ago.