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May 01, 2023
NYMEX Natural Gas drops from $2.41 to $2.31 per MMBtu, losing 10.1 cents (4.19%) today.
NYMEX Gas is currently trading at $2.31 following the release of ISM Manufacturing PMI (Apr) data from the United States.
While price action maintains a negative bias, United States ISM Manufacturing PMI (Apr) came out at 47.1, while a consensus of analysts was expecting 46.8. United States ISM Manufacturing Prices (Apr) released today at 14:00 UTC with a figure of 53.2, while the previous figure was 49.2. United States ISM Manufacturing Employment (Apr) came out at 50.2, while a consensus of analysts was expecting 47.9.
Natural Gas made an initial break below its 50 day Simple Moving Average at $2.34, a possible indication of a forthcoming negative trend. NYMEX Gas's upper Bollinger Band® is at $2.44 which indicates a further downward move may follow.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts NYMEX Gas to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the NYMEX Gas is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other Energy as Crude Oil decreases 1.42% to trade around $75.69. Brent Crude Oil is down 98 cents from the beginning of the session and now trades around $79.35.
Furthermore, United States JOLTs Job Openings (Mar) is scheduled for tomorrow at 14:00 UTC.
Natural Gas has fallen back around 75.1% from the significant high of $9.68 set 8 months ago.
