29 Jan 2015
Natural Gas futures slide after weekly storage data
FXStreet (Mumbai) - Natural gas futures in the US fell after the Energy Information Administration (EIA) data showed draw down in inventories was slower-than-expected in the last week.
March futures tank more than 3%
The march futures extended slide to trade 3.73% lower at USD 2.736/mmBtu. Prices dropped after the inventories fell by 94 billion cubic feet (Bcf), missing the expected drawdown of 113 Bcf, and sharply lower from the previous week’s drawdown of 216 Bcf.
Prices were already under pressure updated weather forecasting models predicted higher readings by the middle of February, which shall reduce the heating demand for the fuel.
Natural Gas Technical Levels
The immediate support is seen at 2.717 (July 2012 low), under which losses could be extended to 2.691 (Aug 2009 low). On the flip side, resistance is seen at 2.762 (Jan. 22nd low) and 2.8 levels.
March futures tank more than 3%
The march futures extended slide to trade 3.73% lower at USD 2.736/mmBtu. Prices dropped after the inventories fell by 94 billion cubic feet (Bcf), missing the expected drawdown of 113 Bcf, and sharply lower from the previous week’s drawdown of 216 Bcf.
Prices were already under pressure updated weather forecasting models predicted higher readings by the middle of February, which shall reduce the heating demand for the fuel.
Natural Gas Technical Levels
The immediate support is seen at 2.717 (July 2012 low), under which losses could be extended to 2.691 (Aug 2009 low). On the flip side, resistance is seen at 2.762 (Jan. 22nd low) and 2.8 levels.