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6 Jan 2015
Natural Gas trades at September 2012 levels
FXStreet (Mumbai) - Natural Gas prices in the US trade at USD 2.883/mmBtu, a level last seen in September 2012 as weather forecasts show milder weather in the days ahead, which shall hurt the demand for fuel.
The commodity now trades at USD 2.883/mmBtu, compared to the previous session’s close of USD 2.882/mmBtu. As per Commodity Weather Group LLC, higher temperatures are expected between Jan. 16 through Jan. 20.
Meanwhile, record production continues to weigh over prices. As per the Energy Information Administration (EIA), U.S. gas production may see a 10th consecutive year of growth.
Natural Gas Technical Levels
The immediate support is seen at 2.841, under which prices may fall to 2.805 (Jan 2nd low). Meanwhile, resistance is seen at 2.942 and 3.00 levels.
The commodity now trades at USD 2.883/mmBtu, compared to the previous session’s close of USD 2.882/mmBtu. As per Commodity Weather Group LLC, higher temperatures are expected between Jan. 16 through Jan. 20.
Meanwhile, record production continues to weigh over prices. As per the Energy Information Administration (EIA), U.S. gas production may see a 10th consecutive year of growth.
Natural Gas Technical Levels
The immediate support is seen at 2.841, under which prices may fall to 2.805 (Jan 2nd low). Meanwhile, resistance is seen at 2.942 and 3.00 levels.