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June 26, 2023
Stable at $2.77 and still trending upwards, Today's session might suggest a slow down — Natural Gas recovers back to $2.77 per MMBtu after dipping down to $2.76 today, in a session that followed a closing value of $2.79.
Natural Gas's state is reflected by market data as United States 2-Year Note Auction released today at 17:00 UTC with a figure of 4.67, while the previous figure was 4.3.
Following today's trading session, chart analysis suggests Natural Gas is approaching key support, around 5 cents away from $2.72. 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 regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, NYMEX Natural Gas's upper Bollinger Band® is at $2.87, suggesting that a downward move may follow.
Notwithstanding NYMEX Gas's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances are seen in other Energy as Heating Oil trades with no major change, around $2.45. Brent Crude Oil trades close to $74.33, with no major change.
Moreover, United States Building Permits scheduled to come out tomorrow at 12:00 UTC. United States New Home Sales (May) is expected tomorrow at 14:00 UTC. United States Consumer Confidence is projected to outperform its last figure with 103.7. It previously stood at 102.3; data will be released tomorrow at 14:00 UTC.
NYMEX Natural Gas is now trading 71.17% below the significant high of $9.68 it set around 10 months ago.
