20 Jan 2015
Natural Gas falls 6%
FXStreet (Mumbai) - Natural Gas prices in the US fell 6% on the prospects of a warmer weather, which is likely to reduce the heating demand.
The February futures traded 6.28% lower at USD 2.931/mmBtu as updated weather forecast models indicate warmer weather over the next two weeks across lower 48 states in the US. Meanwhile, the US Energy Information Administration’s weekly storage report due on Thursday is likely to show a decline in storage by 202 billion cubic feet for the week ending Jan 16.
Natural Gas Technical Levels
The immediate resistance is located at 3.00, above which gains could be extended to 3.041 levels. Meanwhile, support is seen at 2.884 and 2.822 levels.
The February futures traded 6.28% lower at USD 2.931/mmBtu as updated weather forecast models indicate warmer weather over the next two weeks across lower 48 states in the US. Meanwhile, the US Energy Information Administration’s weekly storage report due on Thursday is likely to show a decline in storage by 202 billion cubic feet for the week ending Jan 16.
Natural Gas Technical Levels
The immediate resistance is located at 3.00, above which gains could be extended to 3.041 levels. Meanwhile, support is seen at 2.884 and 2.822 levels.