14 Nov 2014
EIA forecasts lower Natural Gas price
FXStreet (Mumbai) - The US Energy Information Administration (EIA), in its short-term energy outlook released this week, said the Natural gas will cost less this winter due to record high production.
The agency expects the spot price of natural gas to average USD 3.97/mmBtu this winter, down from last month's estimate of USD 4/mmBtu. Last winter, spot prices averaged US 4.53/mmBtu. The EIA also lowered its price forecast for 2015 from USD 3.84/mmBtu to USD 3.83/mmBtu.
Natural Gas for December delivery traded 0.75% higher at USD 4.007 at the time of writing. Moreover, the commodity has posted losses since the beginning of this week.
Natural Gas Technical Levels
Natural gas has an immediate support at 3.977, under which prices can fall to 3.955 levels. Meanwhile, resistance is seen at 4.064 and 4.10 levels.
The agency expects the spot price of natural gas to average USD 3.97/mmBtu this winter, down from last month's estimate of USD 4/mmBtu. Last winter, spot prices averaged US 4.53/mmBtu. The EIA also lowered its price forecast for 2015 from USD 3.84/mmBtu to USD 3.83/mmBtu.
Natural Gas for December delivery traded 0.75% higher at USD 4.007 at the time of writing. Moreover, the commodity has posted losses since the beginning of this week.
Natural Gas Technical Levels
Natural gas has an immediate support at 3.977, under which prices can fall to 3.955 levels. Meanwhile, resistance is seen at 4.064 and 4.10 levels.