3 Dec 2014
Natural gas trades at 5-week low
FXStreet (Mumbai) - Natural Gas prices in the US fell to near five-week low levels as forecasts of unusually warm weather in December weighed over prices.
Natural Gas for January delivery traded at USD 3.817/mmBtu at the time of writing. Prices came under pressure in last few sessions as the updated weather forecasts model point to an above average weather across most of the US during the first two weeks of December. This is likely to reduce the heating demand for the fuel.
Natural Gas Technical Levels
Natural gas has an immediate support located at 3.76, under which losses could be extended to 3.62 levels. Meanwhile, resistance is seen at 3.93 and 3.04 levels.
Natural Gas for January delivery traded at USD 3.817/mmBtu at the time of writing. Prices came under pressure in last few sessions as the updated weather forecasts model point to an above average weather across most of the US during the first two weeks of December. This is likely to reduce the heating demand for the fuel.
Natural Gas Technical Levels
Natural gas has an immediate support located at 3.76, under which losses could be extended to 3.62 levels. Meanwhile, resistance is seen at 3.93 and 3.04 levels.