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April 17, 2023
US Natural Gas trades at $2.29 per MMBtu after gaining 17.1 cents (8.09%).
Meanwhile, United States NY Empire State Manufacturing Index (Apr) released today at 12:30 UTC with a figure of 10.8, while the previous figure was -24.6.
Natural Gas made an initial breakout above its 21 day Simple Moving Average at $2.25, a potential indicator of a newly emerging bullish phase. Crossed the $2.26 Fibonacci level, next level is at $2.4. NYMEX Natural Gas broke through the $2.18 resistance, climbing 11 cents above it.
Overall, looking at the technical analysis landscape, it seems US Natural Gas might continue pointing upwards in the short term.
Meanwhile, Crude Oil closed at $80.97 (down 1.88%). Brent Crude Oil closed at $84.84 (down 1.7%).
Also worthy of note, United States Building Permits (Mar) is scheduled for tomorrow at 12:30 UTC.
The commodity has been trending lower for about a month. Over the past 7 months, NYMEX Gas has retreated 78.16% from a noteworthy peak of $9.68.
