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April 06, 2023While trading sideways for 5 days, Today's session suggests a further slowdown — NYMEX Gas is grinding lower from $2.15 to $2.12 per MMBtu, shedding 3.3 cents (1.53%) today.
United States Crude Oil Inventories released earlier showed a marked improvement to -3.74 million from the preceding data of -7.49 million, but fell short of the -2.33 million figure forecast by a consensus of market analysts.
Amid the market gloom, United States ISM Non-Manufacturing PMI (Mar) came out at 51.2, while a consensus of analysts was expecting 54.5. United States ADP Nonfarm Employment Change (Mar) released yesterday at 12:15 UTC with a figure of 145,000, while the previous figure was 261,000.
As the trading day commences, technical analysis suggests Natural Gas could begin to recover as it approaches significant support, now 5 cents away from $2.07. Dipping below could be an indication that further losses are ahead.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Non Farm Payrolls expected to decline to 240,000 while its preceding data was 311,000, data will be available tomorrow at 12:30 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 198,000.
Furthermore, United States Unemployment Rate figure is projected at 3.6. It previously stood at 3.6; data will be released tomorrow at 12:30 UTC.
The commodity has been trending lower for about a month. NYMEX Gas has fallen back around 77.74% over the past 7 months, from a notable high of $9.68.
