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8 Jan 2015
Natural Gas wavers ahead of the inventory data
FXStreet (Mumbai) - Natural Gas prices in the US continue swinging between gains to losses ahead of the weekly inventory data released by the Energy Information Agency (EIA).
The commodity currently trades 0.12% higher at USD 2.874/mmBtu, compared to the previous session’s close at USD 2.871/mmBtu. Prices have come under pressure this week as weather forecast models for extended period predicted higher readings for most of the nation from January 16 through January 20. Meanwhile, the EIA weekly storage report slated for release today is expected to show a drop of 133 billion cubic feet for the week ending January 2.
Natural Gas Technical Levels
The immediate support is located at 2.811, under which prices could fall to 2.805. Meanwhile, resistance is seen at 3.007 and 3.012 levels.
The commodity currently trades 0.12% higher at USD 2.874/mmBtu, compared to the previous session’s close at USD 2.871/mmBtu. Prices have come under pressure this week as weather forecast models for extended period predicted higher readings for most of the nation from January 16 through January 20. Meanwhile, the EIA weekly storage report slated for release today is expected to show a drop of 133 billion cubic feet for the week ending January 2.
Natural Gas Technical Levels
The immediate support is located at 2.811, under which prices could fall to 2.805. Meanwhile, resistance is seen at 3.007 and 3.012 levels.