1 Dec 2014
Natural Gas futures trade near 4-week low
FXStreet (Mumbai) - Natural gas futures in the US trade near four-week low today as the possibility of an unusually warm weather in Winter is likely to reduce the heating demand for the fuel.
Natural Gas for January delivery traded 1.67% lower at USD 4.016/mmBtu levels, compared to the previous session’s close of USD 4.088/mmBtu. Prices came under pressure despite of a drawdown in the inventory last week as the updated weather forecast models point to above-normal temperatures in most of the lower 48 states through Dec 15. Meanwhile, Citigroup Inc. cut its 2015 US gas price forecast by 11% to USD 3.90/mmBtu.
Natural Gas Technical Levels
The prices have an immediate resistance at 4.088, above which gains could be extended to 4.176 levels. Meanwhile, support is seen at 3.95 and 3.934 levels.
Natural Gas for January delivery traded 1.67% lower at USD 4.016/mmBtu levels, compared to the previous session’s close of USD 4.088/mmBtu. Prices came under pressure despite of a drawdown in the inventory last week as the updated weather forecast models point to above-normal temperatures in most of the lower 48 states through Dec 15. Meanwhile, Citigroup Inc. cut its 2015 US gas price forecast by 11% to USD 3.90/mmBtu.
Natural Gas Technical Levels
The prices have an immediate resistance at 4.088, above which gains could be extended to 4.176 levels. Meanwhile, support is seen at 3.95 and 3.934 levels.