US Natural Gas set for weak finish today; down 6.29% to $3.05 per MMBtu with 2 hours before close

Published: January 25 2023, 20:00 GMT+0

US Natural Gas set for weak finish today; down 6.29% to $3.05 per MMBtu with 2 hours before close

Natural Gas drops from $3.26 to $3.05 per MMBtu, losing 20.5 cents (6.29%) today.

Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million.

Meanwhile, 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 trading around $3.36 (down 6.51 cents).

In addition, Brent Crude Oil moves 0.26% to trade around $86.35. Crude Oil moves 0.32% to trade around $80.39.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. United States GDP projected to come out at 2.6 — worse than previous data of 3.2; data will be released tomorrow at 13:30 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 205,000, following on from the preceding figure of 190,000. New data is set to be published tomorrow at 13:30 UTC.

The commodity has been trending lower for about a month. Natural Gas is up 4.06% from the significant low of $3.13 it hit 3 days ago.

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