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June 10, 2023Yesterday at a glance: US Natural Gas ended the session around the $2.26 per MMBtu level today, after Thursday's 9 cents decline and close at $2.35.
Amid the market gloom, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 172,400, while the previous figure was 162,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 175,600, while the previous figure was 169,300. United States CFTC Nasdaq 100 speculative net positions came out at 8,800.
Visual analysis of Natural Gas's chart shows that Natural Gas could begin to recover as it approaches significant support, now 3 cents away from $2.23. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that NYMEX Gas made an initial break below its 50 day Simple Moving Average at $2.27, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $2.29 currently serving as support. If price action breaks below, the next Fib hurdle is $2.21. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $2.1, a low enough level to, generally, suggest that Natural Gas is trading below its fair value.
All in all, the technical analysis suggests Natural Gas has no clear-cut direction.
Natural Gas's value drop coincided with the fact that Brent Crude Oil lost 1.28% yesterday and closed at $75.96. Crude Oil is down to $70.35, losing 94 cents, after ending the previous session around $71.29. Heating Oil is down to $2.36, losing 2.56 cents, after ending the previous session around $2.39.
Having set a significant high of $9.68 9 months ago, NYMEX Gas is trading 75.7% lower.
