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Natural gas tanks on warm weather forecasts

FXStreet (Mumbai) - Natural Gas for the November delivery is trading weak after the updated weather forecast models show a probability of normal or higher than normal temperatures from 11th Oct to 15th Oct.

The futures on New York Mercantile Exchange (NYMEX) is trading at USD 3.885/mmbtu. The speculators are betting that warm weather shall reduce demand for the heating fuel.

Natural Gas technical levels

Natural Gas has a support of 3.845 (low of 24th Sept, 2014), below which prices can fall to 3.786. Meanwhile, the resistance is located at 4.00.

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