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July 01, 2023Yesterday at a glance: NYMEX Natural Gas rallied 7.3 cents (2.7%) deep into the session, reaching $2.77 per MMBtu.
Meanwhile, United States Core PCE Price Index (YoY) (May) came out at 4.6, while a consensus of analysts was expecting 4.7. United States Core PCE Price Index (MoM) (May) released yesterday at 12:30 UTC with a figure of 0.3, while the previous figure was 0.4. United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -208,300, while the previous figure was -239,300.
Natural Gas is 9 cents away from testing key resistance at $2.86. Peaking above this level could inspire market bulls and open the path to further gains. Despite posting gains on yesterday, NYMEX Gas slid below its 10 day Simple Moving Average at $2.67 during the last session — an early indicator that a negative trend could be emerging. US Natural Gas's upper Bollinger Band® is at $2.94, this is a slight indication of a slowdown.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates NYMEX Natural Gas is set for a reversal in the coming days.
This rally in NYMEX Natural Gas's price coincides with other Energy as Heating Oil improves 1.4% yesterday and closed at $2.41. Notably, Brent Crude Oil rose 0.75% yesterday and closed at $74.34. Crude Oil added 0.84% and closed around $69.86 yesterday.
Trading mostly sideways for 28 days. US Natural Gas has fallen back around 72.1% from the significant high of $9.68 set 10 months ago.
