18 Dec 2014
Natural gas unchanged after EIA reports drop in storage
FXStreet (Mumbai) - Natural gas trades largely unchanged after the Energy Information Agency (EIA) reported a larger-than-expected drop in the storage for the week ended Dec 12.
The commodity now trades 1.26% higher at USD 3.749/mmBtu; slightly lower from the high of USD 3.785 hit ahead of the EIA storage data, which showed Natural gas storage fell by 64 billion cubic feet in the week ended Dec. 12, more than expectations for a decline of 61 billion cubit feet. Prices have failed to extend gains despite of a fall in the storage.
Natural gas Technical Levels
The immediate resistance is seen at 3.789 (Dec. 16 high), above which gains could be extended to 3.826 (Dec. 12 high). Meanwhile, support is seen at 3.70 and 3.63 levels.
The commodity now trades 1.26% higher at USD 3.749/mmBtu; slightly lower from the high of USD 3.785 hit ahead of the EIA storage data, which showed Natural gas storage fell by 64 billion cubic feet in the week ended Dec. 12, more than expectations for a decline of 61 billion cubit feet. Prices have failed to extend gains despite of a fall in the storage.
Natural gas Technical Levels
The immediate resistance is seen at 3.789 (Dec. 16 high), above which gains could be extended to 3.826 (Dec. 12 high). Meanwhile, support is seen at 3.70 and 3.63 levels.