Natural Gas continues trading sideways, currently at $2.38

It's been more of the same this session on the back of 12 days of flat trade, Today's session so far looks to be heading in a similar way — NYMEX Gas trades at $2.38 per MMBtu, after ending yesterday at $2.37.

United States Initial Jobless Claims is next.

This uncertain state for NYMEX Gas is reflected by published market data as data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 5 million, beating projections of -920,000 and showing improvement over the preceding figure of 2.95 million. United States Building Permits (Apr) came out at 1.42 million, while a consensus of analysts was expecting 1.44 million. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.954, while the previous figure was 3.92.

Natural Gas's upper Bollinger Band® is at $2.46, suggesting that a downward move may follow.

Despite the market lacking direction, technical chart analysis strongly suggests US Natural Gas is positioned for a downward move in the near term.

Moreover, United States Philadelphia Fed Manufacturing Index (May) will be released today at 12:30 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 254,000. It previously stood at 264,000; data will be released today at 12:30 UTC. United States Existing Home Sales (Apr) is expected today at 14:00 UTC.

Over the past 8 months, NYMEX Gas has retreated 75.57% from a noteworthy peak of $9.68.