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March 04, 2023Yesterday at a glance: with a daily low of $2.77, Natural Gas closed yesterday at $3 per MMBtu, after ending Thursday at $2.77 and gaining 23.5 cents (9.08%).
At the same time, United States ISM Non-Manufacturing PMI (Feb) came out at 55.1, while a consensus of analysts was expecting 54.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 224,200, while the previous figure was 243,800. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 128,800, while the previous figure was 160,300.
Natural Gas made an initial breakout above its 50 day Simple Moving Average at $2.89, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $2.88 by around 13.4512 cents with prices hammering out a $2.77 – $3.03 session range. In contrast, Natural Gas could be slowing down soon; it is getting close to the resistance line and is now at $3.1, only 9 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at $3.04, thereby suggesting that NYMEX Gas is becoming overvalued.
According to technical analysis, it looks as if NYMEX Natural Gas likely to continue pointing upward in the short term.
This rally in NYMEX Natural Gas's price coincides with other Energy as Crude Oil rises 2.16% yesterday and closed at $78.16. Brent Crude Oil added 1.47% and closed around $84.75 yesterday. Notably, Heating Oil rose 1.34% yesterday and closed at $2.87.
NYMEX Natural Gas hit a significant low of $2.02 around 11 days ago, but has since recovered 36.88%.
