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June 22, 2023It's been more of the same this session on the back of 3 days of flat trade, Today's session so far looks to be heading in a similar way — US Natural Gas trades at $2.61 per MMBtu, after ending yesterday at $2.6.
United States Initial Jobless Claims is next.
Uncertainty around US Natural Gas is reflected by published market data as United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -1.25 million, while the previous figure was 1 million. United States 20-Year Bond Auction came out at 4.01.
Technical analysis trend indicators suggest that investors are seeking long positions as Natural Gas price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, NYMEX Natural Gas's upper Bollinger Band® is at $2.71, suggesting that a downward move may follow.
All in all, the technical analysis suggests NYMEX Natural Gas has no clear-cut direction.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as today at 15:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.87 million from the preceding figure of 7.92 million. United States Services PMI is expected tomorrow at 13:45 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released today at 12:30 UTC.
US Natural Gas has fallen back around 73.17% from the significant high of $9.68 set 9 months ago.
