8 Oct 2014
Natural gas tanks on warm weather forecasts
FXStreet (Mumbai) - Natural Gas for the November delivery is trading weak after the updated weather forecast models show a probability of normal or higher than normal temperatures from 11th Oct to 15th Oct.
The futures on New York Mercantile Exchange (NYMEX) is trading at USD 3.885/mmbtu. The speculators are betting that warm weather shall reduce demand for the heating fuel.
Natural Gas technical levels
Natural Gas has a support of 3.845 (low of 24th Sept, 2014), below which prices can fall to 3.786. Meanwhile, the resistance is located at 4.00.
The futures on New York Mercantile Exchange (NYMEX) is trading at USD 3.885/mmbtu. The speculators are betting that warm weather shall reduce demand for the heating fuel.
Natural Gas technical levels
Natural Gas has a support of 3.845 (low of 24th Sept, 2014), below which prices can fall to 3.786. Meanwhile, the resistance is located at 4.00.