| 
March 18, 2023
A quick look at yesterday: NYMEX Natural Gas dips 6.52% to close at $2.35 per MMBtu yesterday.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting US Natural Gas to extend its recent losses.
US Natural Gas's value drop coincided with the fact that Brent Crude Oil goes down 2.9% yesterday and closed at $74.7. After ending yesterday's session at $68.35, Crude Oil lost $2 and is trading around $66.34.
Though NYMEX Gas has been dropping, other Energy have been performing better: Heating Oil is trading around $2.68 after ending yesterday's session at $2.64 (up 1.35% today).
NYMEX Natural Gas is now trading 63.16% below its 3-month high of $9.68.
