26 Mar 2015
Natural Gas futures fall as supplies rise
FXStreet (Mumbai) - The Natural gas futures in the US fell after the weekly data published by the Energy Information Administration (EIA) showed storage rose more than expected in the last week.
Natural gas for May deliver fell 3.2 cents or 1.15% to USD 2.709/mmBtu. The EIA, in its weekly reports, said that natural gas storage in the US in the week ended March 20 rose by 12 billion cubic feet, compared to expectations for an increase of 6 billion.
The May contract extended the decline of almost 2.5% see on Wednesday on fears that the end of the winter seasons would reduce the heating demand for the fuel.
Natural Gas futures Technical Levels
The immediate support is support is seen at 2.693 (Mar. 11 low), under which losses could be extended to 2.668 (Mar. 9 low). On the flip side, a rise above 2.725, could see prices re-test the daily high of 2.765.
Natural gas for May deliver fell 3.2 cents or 1.15% to USD 2.709/mmBtu. The EIA, in its weekly reports, said that natural gas storage in the US in the week ended March 20 rose by 12 billion cubic feet, compared to expectations for an increase of 6 billion.
The May contract extended the decline of almost 2.5% see on Wednesday on fears that the end of the winter seasons would reduce the heating demand for the fuel.
Natural Gas futures Technical Levels
The immediate support is support is seen at 2.693 (Mar. 11 low), under which losses could be extended to 2.668 (Mar. 9 low). On the flip side, a rise above 2.725, could see prices re-test the daily high of 2.765.