NYMEX Natural Gas set for weak finish today; down 5.28% to $2.1 per MMBtu with 3 hours before close

As the current session draws to a close, NYMEX Natural Gas remains in the $2 – $2.16 range after dropping 5.28%.

Natural Gas is currently trading at $2.1 following the release of ISM Manufacturing PMI (Mar) data from the United States.

While price action maintains a negative bias, United States ISM Manufacturing PMI (Mar) came out at 46.3, while a consensus of analysts was expecting 47.5. United States ISM Manufacturing Employment (Mar) released today at 14:00 UTC with a figure of 46.9, while the previous figure was 49.1. United States ISM Manufacturing Prices (Mar) came out at 49.2, while a consensus of analysts was expecting 51.2.

Although Natural Gas is pointing down today (was as low as $2), it's climbing away from the $2 support line and is now 8 cents above it. Despite being in the red so far in the current trading session, Natural Gas peaked above its 3 day Simple Moving Average around $2.13 — typically an early indicator of a new bullish trend beginning to emerge. NYMEX Natural Gas's lower Bollinger Band® is at $2, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems US Natural Gas is set to appreciate despite today's setback.

Positive performances can be seen by looking at other Energy markets as Crude Oil surges 5.97% to trade around $80.19. Brent Crude Oil surges 5.96% to trade around $84.65. Heating Oil climbs 1.39% to trade around $2.66.

Furthermore, United States JOLTs Job Openings (Feb) is scheduled for tomorrow at 14:00 UTC.

The commodity has been trending lower for about 30 days. Natural Gas reached a significant high of $9.68 around 7 months ago but has lost 77.11% since then.