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April 20, 2023
US Natural Gas is grinding lower from $2.22 to $2.19 per MMBtu, shedding 2.9 cents (1.31%) today.
United States Philadelphia Fed Manufacturing Index (Apr) is next today at 12:30 UTC.
Following a previous reading of 597,000, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the -1 million figure expected by analysts with an actual reading of -4.58 million.
Meanwhile, United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909. United States Cushing Crude Oil Inventories came out at -1 million, while a consensus of analysts was expecting 622,000.
Natural Gas could begin to recover as it approaches significant support, now 8 cents away from $2.12. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Natural Gas peaked above its 5 day Simple Moving Average around $2.19 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems US Natural Gas might start pointing upward in the short term.
Taking a look at other Energy commodities, negative performances are evident as Crude Oil closed at $78.31 (down 1.07%). After ending yesterday's session at $83.12, Brent Crude Oil lost 79 cents and is trading around $82.33. After ending yesterday's session at $2.56, Heating Oil lost 2.26 cents and is trading around $2.54.
Looking ahead, ongoing depreciation may be prolonged as today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 240,000 from the preceding figure of 239,000.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) is scheduled for today at 12:30 UTC. United States Existing Home Sales (Mar) is expected today at 14:00 UTC.
NYMEX Gas has fallen back around 77.05% over the past 7 months, from a notable high of $9.68.
