Natural gas trading range Tuesday was 126.13-139.53. The market is looking to take support at 130.2, a break below could see a test of 126.1 and resistance is now likely to be seen at 136.9, a move above could see prices testing 139.5.
Natural gas Monday traded with the positive node and settled 4.69% up at 134.20 in the line of expectation as forecasts for warmer weather across key parts of the US boosted near-term demand expectations for the fuel.
The US EIA said last week that natural gas storage in the US rose by 71bcf 2.815tcf last week, 35% above both last year and the 5 year average level for this week.
Natural gas futures recovered from Friday’s almost 4% plunge, as warmer weather forecasts across most parts of the US in the coming week provided support. The NWS's 6-10 day outlook issued called for above normal readings for much of the US.
Speculation that utility providers in the US were switching from pricier coal to cheaper natural gas provided further support over recent weeks. However, market players noted that sustained prices back above $2.50 and toward the $3 level likely would inspire some switching back to coal.
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Natural Gas Trading Between 126.13 And 139.53
Published 06/05/2012, 01:19 AM
Updated 05/14/2017, 06:45 AM
Natural Gas Trading Between 126.13 And 139.53
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