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June 19, 2023NYMEX Natural Gas recovers back to $2.65 per MMBtu after dipping down to $2.57 today, in a session that followed a closing value of $2.63.
Natural Gas made an initial break below its 3 day Simple Moving Average at $2.51, a possible indication of a forthcoming negative trend. NYMEX Natural Gas's upper Bollinger Band® is at $2.68, suggesting that a downward move may follow. In contrast, NYMEX Gas reversed direction at $2.59 support zone and climbed 5 cents above it.
Although price action remains in a stalemate, technical analysis suggests Natural Gas could be primed for a break to the downside.
Meanwhile, mixed performances are seen in other Energy as after ending today's session at $2.55, Heating Oil lost 4.02 cents and is trading around $2.51.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Building Permits (May) scheduled to come out tomorrow at 12:30 UTC.
US Natural Gas reached a significant high of $9.68 around 9 months ago but has lost 72.81% since then.
