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Natural Gas rebounds, but lacks strength

FXStreet (Mumbai) - Natural Gas prices have recovered some of its losses to trade at USD 3.913/gallon after a 3% plunge on Monday. Though prices have bounced back, overall sentiment remains weak as traders anticipate a bearish inventory data on Thursday.

Bullish bets on hopes of an early winter demand for the heating fuel were erased last week after the markets priced-in an increase in inventory reported by the US Energy Information Administration (EIA). On similar lines, the agency is expected to report a build of 114 billion cubic feet for the week ending October 3.

However, prices may remain resilient if the weather futures indicate an early winter in the US.

Natural Gas technical levels

Natural Gas has a resistance of 3.908 (Low of 2nd Oct, 2014); breach of which shall open doors for 4.00. On the downside, prices can slide to 3.84 (low of 2

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