A slow down? After three days of going up, US Natural Gas is flat today, hovering around $2.27.

Although US Natural Gas ended today strong and rose from $2.25 to $2.27, it dropped back today and is now priced at $2.27 per MMBtu.

NYMEX Gas is currently trading at $2.27 following the release of ISM Non-Manufacturing PMI (May) data from the United States.

This uncertain state for NYMEX Gas is reflected by published market data as United States ISM Non-Manufacturing PMI (May) released today at 14:00 UTC with a figure of 50.3, while the previous figure was 51.9. United States Services PMI came out at 54.9, while a consensus of analysts was expecting 55.1. Factory Orders in United States fell short of market expectations (1.1%) with a reading of 0.4%, continuing the decline from the previous figure of 0.6%.

Natural Gas made an initial breakout above its 50 day Simple Moving Average at $2.26, a potential indicator of a newly emerging bullish phase. Natural Gas is approaching key support, around 15 cents away from $2.12. 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.

Despite muted price action in NYMEX Gas, chart analysis indicates it is positioned for a bullish run in the short term.

Furthermore, the market is looking at United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 16:00 UTC.

Having soared to a high of $9.68 approximately 9 months ago, NYMEX Gas is now trading 76.81% lower.