Flatlined NYMEX Natural Gas stays passive around $2.11 per MMBtu

Yesterday at a glance: a quiet day for NYMEX Natural Gas as it remained range-bound within a $2.03 – $2.17 range before closing at $2.11 per MMBtu.

Uncertainty around NYMEX Natural Gas is reflected by published market data as United States Average Hourly Earnings beat the 0.3% projections, with 0.5%. Highly important Non Farm Payrolls data from United States beat analyst expectations of 180,000 with a reading of 253,000. Data for United States Unemployment Rate published yesterday at 12:30 UTC came out at 3.4, beating projections of 3.6 and showing improvement over the preceding figure of 3.5.

Natural Gas made an initial breakout above its 3 day Simple Moving Average at $2.15, a potential indicator of a newly emerging bullish phase. NYMEX Natural Gas's upper Bollinger Band® is at $2.42 and the lower is $2.03. NYMEX Gas is approaching key support, around 7 cents away from $2.04. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

With market volatility ebbing, the current technical outlook indicates US Natural Gas will break higher above its recent ranges in the immediate future.

Meanwhile, mixed performances are seen in other Energy as Crude Oil went up by 4.03% yesterday, and closed at $71.32. Heating Oil went up by 3.85% yesterday, and closed at $2.33. Brent Crude Oil went up by 3.81% yesterday, and closed at $75.26.

NYMEX Gas has fallen back around 78.3% from the significant high of $9.68 set 8 months ago.