NYMEX Natural Gas hits 1 year low before recovering 3.8 cents

Published: January 26 2023, 01:26 GMT+0

NYMEX Natural Gas hits 1 year low before recovering 3.8 cents

Natural Gas dropped to $2.92, hitting its lowest point in 1 year. Later, it recovered 3.8 cents and is now trading at $2.96.

Following a previous reading of 8.41 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 971,000 figure expected by analysts with an actual reading of 533,000.

Meanwhile, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

In addition, Crude Oil moves 0.44% to trade around $80.5. Brent Crude Oil trades close to $86.38, with no major change. Heating Oil trades with no major change, around $3.37.

Looking ahead, ongoing depreciation may be prolonged as United States Core Durable Goods Orders projected to decline to -0.2% while previous data was 0.1%; data will be released today at 13:30 UTC. Today at 13:30 UTC data for United States GDP will be released, with an expected decline to 2.6 from the preceding figure of 3.2.

Some optimism can drawn from the fact that United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Furthermore, United States Core PCE Price Index (MoM) (Dec) will be released tomorrow at 13:30 UTC.

The commodity has been trending lower for about a month. So far this year, Natural Gas has declined 26.15% while touching highs around $9.68 earlier this year.

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