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Trading news
31 Oct 2014
Natural Gas rises on weather reports
FXStreet (Mumbai) - The Natural gas prices have inched higher despite a bearish weekly storage report released yesterday as the updated weather forecast models indicate the chilly weather in the days ahead.
Natural Gas for December delivery is trading 1.57% higher at USD 3.887/mmbtu. The prices gained strength after the updated weather forecast models predicted cold Canadian air to make its way south in the lower 48 states in the coming days. "I think people are a little leery of selling it down further when you've got your first real cold front coming in," said Kyle Cooper, managing partner of research consultancy IAF Advisors in Houston.
Moreover, the heating season from November through March is the peak demand period for US gas consumption.
Natural Gas Technical levels
Natural Gas has an immediate support at 3.874, under which the prices can fall to 3.83 levels. On the flip side, the prices can rise to 4.00, if the immediate resistance located at 3.955 is breached.
Natural Gas for December delivery is trading 1.57% higher at USD 3.887/mmbtu. The prices gained strength after the updated weather forecast models predicted cold Canadian air to make its way south in the lower 48 states in the coming days. "I think people are a little leery of selling it down further when you've got your first real cold front coming in," said Kyle Cooper, managing partner of research consultancy IAF Advisors in Houston.
Moreover, the heating season from November through March is the peak demand period for US gas consumption.
Natural Gas Technical levels
Natural Gas has an immediate support at 3.874, under which the prices can fall to 3.83 levels. On the flip side, the prices can rise to 4.00, if the immediate resistance located at 3.955 is breached.