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May 15, 2023
US Natural Gas spikes to $2.37 per MMBtu gaining 10.6 cents.
Meanwhile, United States TIC Net Long-Term Transactions (Mar) came out at 133.3 billion, while a consensus of analysts was expecting 85.4 billion. United States NY Empire State Manufacturing Index (May) released today at 12:30 UTC with a figure of -31.8, while the previous figure was 10.8.
Trend-following investors would be interested to note that Natural Gas made an initial breakout above its 50 day Simple Moving Average at $2.3, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $2.3 currently serving as resistance Japanese candlestick formations show a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $2.42, thereby suggesting that NYMEX Gas is becoming overvalued. As the trading day comes to an end, chart analysis indicates US Natural Gas price action is currently oscillating around the $2.27 resistance level with prices moving above and below several times during the session.
Overall, while NYMEX Natural Gas has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in US Natural Gas's price coincides with other Energy as Heating Oil is up 3.34%. Brent Crude Oil is up 1.73% to $75.45. Having closed the previous session at $70.04, Crude Oil is up 1.8% today to currently trade at around $71.3.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Retail Sales is projected to outperform its last figure with 0.7%. It previously stood at -0.6%; data will be released tomorrow at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released tomorrow at 12:30 UTC.
8 months ago Natural Gas reached a significant high of $9.68 but has consequently lost 76.59% since then.
