5 Dec 2014
Natural Gas halts three-day losing streak
FXStreet (Mumbai) - Natural gas prices in the US advanced today after three straight days of decline forecast of mild US weather and bearish stock pile report released yesterday.
Natural Gas for January delivery traded 2.01% higher at USD 3.723/mmBtu levels, compared to the previous session’s close of USD 3.649/mmBtu levels. Prices have been under pressures since the beginning of the current week on forecasts of above normal temperatures in most part of the US during the first two-weeks of December.
The commodity was further pressurized yesterday after the weekly storage data from the Energy Information Agency showed storage fell by 22 billion cubic feet, less than expectations for a decline of 41 billion and well below a drop of 162 billion in the week before.
Natural Gas Technical Levels
Natural Gas has an immediate support located at 3.649, under which prices can fall to 3.62 levels. Meanwhile, resistance is seen at 3.743 and 3.757 levels.
Natural Gas for January delivery traded 2.01% higher at USD 3.723/mmBtu levels, compared to the previous session’s close of USD 3.649/mmBtu levels. Prices have been under pressures since the beginning of the current week on forecasts of above normal temperatures in most part of the US during the first two-weeks of December.
The commodity was further pressurized yesterday after the weekly storage data from the Energy Information Agency showed storage fell by 22 billion cubic feet, less than expectations for a decline of 41 billion and well below a drop of 162 billion in the week before.
Natural Gas Technical Levels
Natural Gas has an immediate support located at 3.649, under which prices can fall to 3.62 levels. Meanwhile, resistance is seen at 3.743 and 3.757 levels.