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April 08, 2023A quick look at Thursday: after ending Wednesday at $2, Natural Gas went up to $2.18 only to drop back to its starting point and close at $2.04 per MMBtu.
Uncertainty around NYMEX Gas is reflected by published market data as data for United States Unemployment Rate published yesterday at 12:30 UTC came out at 3.5, beating projections of 3.6 and showing improvement over the preceding figure of 3.6. Non Farm Payrolls in United States fell short of market expectations (239,000) with a reading of 236,000, continuing the decline from the previous figure of 326,000. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 226,100, while the previous figure was 181,100.
Natural Gas made an initial break below its 5 day Simple Moving Average at $2.12, a possible indication of a forthcoming negative trend. NYMEX Natural Gas is currently flirting with an active Fibonacci support level around $2.02. On the other hand, note that Natural Gas is approaching key support, around 9 cents away from $1.95. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests US Natural Gas is positioned for a downward move in the near term.
The commodity has been trending lower for about a month. US Natural Gas reached a significant high of $9.68 around 7 months ago but has lost 79.23% since then.
