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14 Jan 2015
Natural Gas extends gains on colder weather bets
FXStreet (Mumbai) - Natural Gas futures on NYMEX extended gains for the second straight session today, rebounding from fresh two and a half year lows reached at USD 2.783/mmBtu earlier in this week.
Natural Gas futures for February delivery trades at USD 3.026/mmBtu levels, up 2.8% compared to previous session’s close of USD 2.943/mmBtu. Natural gas prices rallied after colder weather forecast in the week ahead raised expectations for gas heating demand. Moreover, gas prices also got a lift as bargain hunters returned to markets for lower level buying after natural gas prices fell to two year lows.
Traders now eye U.S. Energy Information Agency (EIA) natural gas inventories storage data due tomorrow to gauge the demand for heating fuel and to seek fresh clues on the price direction.
Natural Gas Levels to consider
Natural Gas prices have an immediate resistance located at 3.176 levels, above which gains could be extended to 3.19 levels. Meanwhile, support is seen at 2.94, below which it can extend losses to sub 2.78 levels.
Natural Gas futures for February delivery trades at USD 3.026/mmBtu levels, up 2.8% compared to previous session’s close of USD 2.943/mmBtu. Natural gas prices rallied after colder weather forecast in the week ahead raised expectations for gas heating demand. Moreover, gas prices also got a lift as bargain hunters returned to markets for lower level buying after natural gas prices fell to two year lows.
Traders now eye U.S. Energy Information Agency (EIA) natural gas inventories storage data due tomorrow to gauge the demand for heating fuel and to seek fresh clues on the price direction.
Natural Gas Levels to consider
Natural Gas prices have an immediate resistance located at 3.176 levels, above which gains could be extended to 3.19 levels. Meanwhile, support is seen at 2.94, below which it can extend losses to sub 2.78 levels.