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June 15, 2023It'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 Natural Gas trades at $2.33 per MMBtu, after ending yesterday at $2.34.
United States Initial Jobless Claims is next today at 12:30 UTC.
Uncertainty around NYMEX Gas is reflected by published market data as United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was 5.25. United States Crude Oil Inventories came out at 7.92 million, better than analyst estimates of 1.48 million and improving upon the previous reading of -451,000. United States Producer Price Index published yesterday at 12:30 UTC came out at -0.3%, falling short of the -0.1% projections and continuing its decline from the previous 0.2% figure.
Natural Gas's upper Bollinger Band® is at $2.43, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests NYMEX Gas is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil moves 0.2% to trade around $73.35. Crude Oil moves 0.22% to trade around $68.42.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Retail Sales projected to decline to -0.1% while previous data was 0.4%; data will be released today at 12:30 UTC. Projections for United States Core Retail Sales are set for a continuation of decline with 0.1% while previous data was 0.4%; data will be released today at 12:30 UTC. United States Philadelphia Fed Manufacturing Index (Jun) is scheduled for today at 12:30 UTC.
NYMEX Natural Gas has fallen back around 75.81% from the significant high of $9.68 set 9 months ago.
