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March 16, 2023
After closing the previous trading day at $2.44, Natural Gas is up to $2.48 per MMBtu, which makes for a move of 1.72%/4.2 cents today.
United States Building Permits (Feb) is next today at 12:30 UTC.
Despite ticking up in the session, the short-term outlook has become negative after the MACD moved below its signal line — typically a bearish indicator that upward momentum is running out of steam.
NYMEX Natural Gas is likely to reverse course and start pointing downward in the short term.
This rally in NYMEX Natural Gas's price coincides with other Energy as Brent Crude Oil is up 1.38%. Crude Oil is up 1.27%.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Initial Jobless Claims is projected to outperform its last figure with 205,000. It previously stood at 211,000; data will be released today at 12:30 UTC.
Also worthy of note, United States Philadelphia Fed Manufacturing Index (Mar) will be released today at 12:30 UTC. United States Building Permits (Feb) is expected today at 12:30 UTC.
US Natural Gas has shed 63.87% over the past three months.
