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May 13, 2023A quick look at yesterday: US Natural Gas rallied 8.8 cents (4%) deep into the session, reaching $2.28 per MMBtu.
At the same time, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. Fresh CFTC Gold speculative net positions data from United States came out at 195,800. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 21,400, while the previous figure was 13,300.
Technical analysis of US Natural Gas's past price action reveals multiple support and resistance levels: Natural Gas is 8 cents away from testing key resistance at $2.35. Peaking above this level could inspire market bulls and open the path to further gains. Trend and momentum analysis indicates that Natural Gas made an initial breakout above its 21 day Simple Moving Average at $2.23, a potential indicator of a newly emerging bullish phase. NYMEX Gas failed to break through the $2.3 Fibonacci resistance level. Asset volatility analysis shows that NYMEX Gas's upper Bollinger Band® is at $2.4, this is a slight indication of a slowdown.
Overall, the technical outlook suggests NYMEX Gas is likely to remain muted for the immediate future, with no clear-cut direction.
While NYMEX Natural Gas is higher so far today, these Energy commodities are underperforming: Heating Oil is down to $2.3, losing 4.77 cents, after ending the previous session around $2.35. Brent Crude Oil lost 1.12% yesterday and closed at $75. Crude Oil goes down 1.1% yesterday and closed at $70.87.
Over the past 8 months, Natural Gas has retreated 77.38% from a noteworthy peak of $9.68.
