Natural Gas continues trading sideways, currently at $2.28

It's been more of the same this session on the back of 10 days of flat trade, Today's session so far looks to be heading in a similar way — without a clear-cut direction, Natural Gas is trading around $2.28 per MMBtu and ranging between $2.27 and $2.28.

NYMEX Natural Gas's state is reflected by market data as United States Federal Budget Balance (May) came out at -240 billion, while a consensus of analysts was expecting -236 billion. United States 10-Year Note Auction released today at 17:00 UTC with a figure of 3.791, while the previous figure was 3.448. Fresh 3-Year Note Auction data from United States came out at 4.202.

Natural Gas made an initial break below its 50 day Simple Moving Average at $2.28, a possible indication of a forthcoming negative trend. NYMEX Natural Gas's upper Bollinger Band® is at $2.44, suggesting that a downward move may follow. In contrast, after reaching the $2.21 support zone, US Natural Gas bounced and climbed 7 cents above it.

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

Meanwhile, mixed performances are seen in other Energy as Heating Oil trades close to $2.32, with no major change. Brent Crude Oil moves 0.38% to trade around $72.11.

Furthermore, the market is looking at United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.

Over the past 9 months, NYMEX Natural Gas has retreated 76.59% from a noteworthy peak of $9.68.