Energy in focus as bullish NYMEX Natural Gas posts 1.83% gain

A quick look at yesterday: generally flat but with a slight bullish bias, NYMEX Gas ranged between $2.29 and $2.53 before closing higher at $2.4 per MMBtu.

Meanwhile, United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 236,400, while the previous figure was 244,600. United States CFTC Gold speculative net positions came out at 185,300.

Although Natural Gas is appreciating today after rising as high as $2.53, price action is now slowing and consolidating around 12 cents below the $2.52 resistance level. Despite posting gains on yesterday, Natural Gas slid below its 50 day Simple Moving Average at $2.35 during the last session — an early indicator that a negative trend could be emerging. NYMEX Natural Gas's upper Bollinger Band® is at $2.44, this is a slight indication of a slowdown.

Technical analysis of NYMEX Gas price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.

Rallies can also be seen in other Energy, Brent Crude Oil added 2.6% and closed around $78.22 yesterday. Crude Oil ascends 2.5% yesterday and closed at $74.76. Heating Oil went up by 0.92% yesterday, and closed at $2.37.

NYMEX Natural Gas has fallen back around 75.67% from the significant high of $9.68 set 8 months ago.