Natural Gas still looks indecisive as it trades even at $2.58

It's been more of the same this session on the back of 3 days of flat trade, Today's session so far looks to be heading in a similar way — Natural Gas is on a bit of a rollercoaster today: spiking to $2.64 only to drop back to $2.55, now rallying again to $2.58 per MMBtu.

United States Initial Jobless Claims is next today at 13:30 UTC.

Natural Gas's state is reflected by market data as highly important Crude Oil Inventories data from United States beat analyst expectations of 395,000 with a reading of -1.69 million. United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million. United States ADP Nonfarm Employment Change (Feb) released yesterday at 13:15 UTC with a figure of 242,000, while the previous figure was 119,000.

Natural Gas is approaching key support, around 10 cents away from $2.48. 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. NYMEX Natural Gas made an initial breakout above its 3 day Simple Moving Average at $2.63, a potential indicator of a newly emerging bullish phase.

Despite muted price action in NYMEX Natural Gas, chart analysis indicates it is positioned for a bullish run in the short term.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Non Farm Payrolls projected to decline to 205,000 while previous data was 517,000; data will be released tomorrow at 13:30 UTC. Today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 190,000. United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.

US Natural Gas has shed 57.21% over the past three months.