NYMEX Natural Gas set for weak finish today; down 7.31% to $3.02 per MMBtu with a hour before close

Published: January 25 2023, 21:01 GMT+0

NYMEX Natural Gas set for weak finish today; down 7.31% to $3.02 per MMBtu with a hour before close

Natural Gas drops from $3.26 to $3.02 per MMBtu, losing 23.8 cents (7.31%) today.

United States Crude Oil Inventories published today at 15:30 UTC came out at 533,000, falling short of the 971,000 projections and continuing its decline from the previous 8.41 million figure.

While price action maintains a negative bias, United States 5-Year Note Auction released today at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released today at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

Taking a look at other Energy commodities, negative performances are evident as Heating Oil is down 5.91 cents from the beginning of the session and now trades around $3.37.

Around the markets, mixed performances are seen by Energy as Crude Oil trades around $80.54, with no major change. Brent Crude Oil trades with no major change, around $86.43.

Looking ahead, ongoing depreciation may be prolonged as tomorrow at 13:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of 0.1%. Projections for United States GDP are set for a continuation of decline with 2.6 while previous data was 3.2; data will be released tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 205,000 from the preceding figure of 190,000.

The commodity has been trending lower for about a month. 3 days ago, NYMEX Gas fell to a low of $3.13 but has since recovered 4.06%.

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