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24 Dec 2014
Natural Gas extends decline
FXStreet (Mumbai) - Natural Gas futures on NYMEX extended its long run of losses as expectations of warmer weather in the coming week continue to weigh on the prices.
Natural Gas futures for January delivery trades at USD 3.159/mmBtu levels, down -0.38% compared to previous session’s close of USD 3.171/mmBtu. Natural gas prices have dropped about 29% this month and are likely to remain lower on the back of forecasts of milder temperatures over the next week and as traders are away ahead of Christmas holiday season.
Traders now eye U.S. Energy Information Agency (EIA) natural gas storage data to gauge the demand for heating fuel for further clues on the price direction.
Natural Gas Levels to consider
Natural Gas prices have an immediate resistance located at 3.17 levels, above which gains could be extended to 3.19 levels. Meanwhile, support is seen at 3.120 (Dec 22 Low), below which it can extend losses to sub 3 levels.
Natural Gas futures for January delivery trades at USD 3.159/mmBtu levels, down -0.38% compared to previous session’s close of USD 3.171/mmBtu. Natural gas prices have dropped about 29% this month and are likely to remain lower on the back of forecasts of milder temperatures over the next week and as traders are away ahead of Christmas holiday season.
Traders now eye U.S. Energy Information Agency (EIA) natural gas storage data to gauge the demand for heating fuel for further clues on the price direction.
Natural Gas Levels to consider
Natural Gas prices have an immediate resistance located at 3.17 levels, above which gains could be extended to 3.19 levels. Meanwhile, support is seen at 3.120 (Dec 22 Low), below which it can extend losses to sub 3 levels.