Bullish NYMEX Gas runs out of steam at $2.13; currently at $2.11 per MMBtu

A quick look at yesterday: NYMEX Natural Gas rallied 10.6 cents (4.93%) deep into the session, reaching $2.11 per MMBtu.

On the flip side, United States Core Retail Sales published yesterday at 12:30 UTC came out at -0.8%, falling short of the -0.3% projections and continuing its decline from the previous 0% figure. Retail Sales in United States fell short of market expectations (-0.4%) with a reading of -1%, continuing the decline from the previous figure of -0.2%.

Meanwhile, United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.

Natural Gas made an initial breakout above its 10 day Simple Moving Average at $2.1, a potential indicator of a newly emerging bullish phase. When "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. In contrast, NYMEX Gas could be slowing down soon as it approaches resistance at $2.18. Of course, crossing it might suggest further gains are ahead.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts Natural Gas to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the NYMEX Gas is expected to pick up significant bullish sentiment in the coming days.

At the same time, Heating Oil stumbles 0.95% yesterday and closed at $2.67.

Other Energy showed mixed performance as Crude Oil moves 0.63% yesterday and closed at $82.16. Brent Crude Oil moves 0.42% yesterday and closed at $86.09.

The commodity has been trending lower for about a month. Having set a significant high of $9.68 7 months ago, Natural Gas is trading 79.27% lower.