NYMEX Gas set for weak finish today; down 2.61% to $2.35 per MMBtu with a day before close

NYMEX Gas slides down from $2.42 to $2.35 per MMBtu today, losing 6.3 cents (2.61%).

Natural Gas made an initial break below its 10 day Simple Moving Average at $2.42, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $2.35 currently serving as support. If price action breaks below, the next Fib hurdle is $2.29. In contrast, US Natural Gas could begin to recover as it approaches significant support, now 6 cents away from $2.35. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts NYMEX Gas to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the NYMEX Natural Gas is expected to attract significant bearish sentiment in the coming days.

In the meantime, Crude Oil moves 0.48% to trade around $73. Brent Crude Oil trades close to $77.18, with no major change. Heating Oil moves 0.25% to trade around $2.38.

Looking ahead, ongoing depreciation may be prolonged as tomorrow at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 99 from the preceding figure of 101.3.

NYMEX Natural Gas has fallen back around 75.03% over the past 9 months, from a notable high of $9.68.