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4 Dec 2014
Natural Gas trades at 5-week low ahead of the storage data
FXStreet (Mumbai) - Natural Gas prices in the US fell to a five-week low ahead of the weekly storage data from the Energy Information agency (EIA).
Natural Gas traded 1.70% higher at USD 3.741/mmBtu, at the time of writing, compared to the previous session’s close of USD 4.088/mmBtu. The EIA storage data due for released today is likely to show a decline of 47 billion cubic feet for the week ending Nov. 28. However, prices have been declining since early this week as updated weather models forecasts an unusually warm weather during the first two-weeks of December.
Natural Gas Technical Levels
Natural Gas has an immediate resistance at 3.761 (Sept. 8 low), above which prices can re-test 3.8 levels. Meanwhile, support is seen at 3.674 and 3.622 levels.
Natural Gas traded 1.70% higher at USD 3.741/mmBtu, at the time of writing, compared to the previous session’s close of USD 4.088/mmBtu. The EIA storage data due for released today is likely to show a decline of 47 billion cubic feet for the week ending Nov. 28. However, prices have been declining since early this week as updated weather models forecasts an unusually warm weather during the first two-weeks of December.
Natural Gas Technical Levels
Natural Gas has an immediate resistance at 3.761 (Sept. 8 low), above which prices can re-test 3.8 levels. Meanwhile, support is seen at 3.674 and 3.622 levels.