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May 27, 2023Yesterday at a glance: overall, NYMEX Gas shed around 5.8 cents or 2.34% and ended yesterday's session at $2.42 per MMBtu.
Data from United States concerning Core Durable Goods Orders was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0.3% to -0.2% this month.
Amid the market gloom, United States Core PCE Price Index (MoM) (Apr) released yesterday at 12:30 UTC with a figure of 0.4, while the previous figure was 0.3. United States CFTC Crude Oil speculative net positions came out at 193,100.
Natural Gas made an initial break below its 50 day Simple Moving Average at $2.25, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $2.21 currently serving as support. If price action breaks below, the next Fib hurdle is $2.09. On the other hand, note that US Natural Gas could begin to recover as it approaches significant support, now 29 cents away from $2.13. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting NYMEX Gas to extend its recent losses.
Positive performances can be seen by looking at other Energy markets as Crude Oil is trading around $72.87 after ending yesterday's session at $71.83 (up 1.45% today). Heating Oil went up by 1.24% yesterday, and closed at $2.38. Notably, Brent Crude Oil rose 1.21% yesterday and closed at $76.26.
US Natural Gas has shed 67.25% over the past six months.
