A slow down? After seven days of going up, US Natural Gas is flat today, hovering around $2.78.

NYMEX Gas drops from $2.81 to $2.78 per MMBtu, losing 3.1 cents (1.1%) today.

Uncertainty around Natural Gas is reflected by published market data as United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected at 1.17 million but down from preceding data of 7.65 million according to new data. United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 307,000, while the previous figure was 700,000.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that NYMEX Gas's upper Bollinger Band® is at $2.87, suggesting that a downward move may follow. As the trading day commences, technical analysis suggests NYMEX Natural Gas is approaching key support, around 8 cents away from $2.7. 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.

Notwithstanding NYMEX Natural Gas's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Moreover, United States Initial Jobless Claims expected to decline to 195,000 while its preceding data was 192,000, data will be available today at 13:30 UTC. United States ISM Non-Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.

9 days ago, NYMEX Gas fell to a low of $2.02 but has since recovered 39.16%.