Commodity Outlook for Natural gas by KediaCommodity
Natural gas ended flat recovering from its lows on bargain buying as market participants were reluctant to bet that prices would continue to fall with winter's gas-heating demand on the horizon. Recent weekly builds in U. S. gas inventories have been above average, closing the gap between this year's storage levels and last autumn's record highs and adding pressure to prices. Natural Gas yesterday we have seen that market has moved -0.06%. Market has opened at 161 & made a low of 159.3 versus the day high of 162.3. The total volume for the day was at 41157 lots and the open interest was at 36556. Now support for the Natural Gas is seen at 159.6 and below could see a test of 158. Resistance is now likely to be seen at 162.6, a move above could see prices testing 164. Trading Ideas:
Natural Gas trading range is 158-164.
Natural gas ended flat recovering from its lows on bargain buying
Natural gas looks to test support at 159.6 and resistance is seen at 162.6.
Recent weekly builds in U. S. gas inventories have been above average