NYMEX Gas set for weak finish today; down 7.2% to $2.4 per MMBtu with a hour before close

NYMEX Natural Gas crashes after losing 18.6 cents, breaking down to $2.4 per MMBtu.

Natural Gas made an initial break below its 5 day Simple Moving Average at $2.5, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $2.41, market bears have earmarked $2.35 as the next downside target.

Looking forward, US Natural Gas is poised to extend its strong downtrend and continue declining.

Around the markets, mixed performances are seen by Energy as Brent Crude Oil moves 0.6% to trade around $76.03. Heating Oil moves 0.38% to trade around $2.37. Crude Oil moves 0.36% to trade around $71.81.

Furthermore, United States New Home Sales (Apr) is scheduled for tomorrow at 14:00 UTC. United States Services PMI figure is projected at 52.6. It previously stood at 53.6; data will be released tomorrow at 13:45 UTC. United States Building Permits will be released tomorrow at 12:00 UTC.

Approximately 8 months ago, Natural Gas reached a significant high of $9.68 but has struggled to hold onto its gains and declined 73.3% since then.