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June 17, 2023A quick look at yesterday: NYMEX Gas went up to $2.62 per MMBtu yesterday, gaining 3.4%.
Meanwhile, United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 15,700, while the previous figure was 8,800. Fresh CFTC S&P 500 speculative net positions data from United States came out at -331,400. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 155,100, while the previous figure was 172,400.
Natural Gas's notable support and resistance levels: Natural Gas could be slowing down soon; it is getting close to the resistance line and is now at $2.67, only 5 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. With regards to technical trend indicators, chart analysis show that investors are seeking long positions as US Natural Gas price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. NYMEX Gas is currently trading around the $2.62 Fibonacci resistance level. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $2.59, thereby suggesting that US Natural Gas is becoming overvalued.
With market volatility ebbing, the current technical outlook indicates US Natural Gas will remain range-bound for the immediate future.
Rallies can also be seen in other Energy, Heating Oil went up by 2.84% yesterday, and closed at $2.55. Crude Oil moves up 1.16% yesterday and closed at $70.62. Brent Crude Oil improves 0.82% yesterday and closed at $75.67.
NYMEX Gas has fallen back around 73.83% from the significant high of $9.68 set 9 months ago.
