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June 03, 2023A quick look at yesterday: with a daily low of $2.14, Natural Gas closed yesterday at $2.18 per MMBtu, after ending Thursday at $2.16 and gaining 1.9 cents (0.88%).
This uncertain state for US Natural Gas is reflected by published market data as data for United States Non Farm Payrolls published yesterday at 12:30 UTC came out at 339,000, beating projections of 180,000 and showing improvement over the preceding figure of 294,000. Following a previous reading of 0.4%, Average Hourly Earnings in United States released yesterday at 12:30 UTC fell short of the 0.4% figure expected by analysts with an actual reading of 0.3%. United States Unemployment Rate published yesterday at 12:30 UTC came out at 3.7, falling short of the 3.5 projections and continuing its decline from the previous 3.4 figure.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, NYMEX Natural Gas's upper Bollinger Band® is at $2.6 and the lower is $2.09. A study of NYMEX Natural Gas's historical price actions shows Natural Gas is approaching key support, around 4 cents away from $2.13. 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.
All in all, the technical analysis suggests Natural Gas has no clear-cut direction.
While US Natural Gas was pretty flat yesterday, mixed performances were seen elsewhere as Brent Crude Oil is trading around $76.22 after ending yesterday's session at $74.28 (up 2.61% today). Crude Oil added 2.52% and closed around $70.1 yesterday. Heating Oil added 2.06% and closed around $2.31 yesterday.
9 months ago Natural Gas reached a significant high of $9.68 but has consequently lost 77.71% since then.
