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Natural Gas turns volatile ahead of Inventory data

FXStreet (Mumbai) - Natural Gas for the November delivery is trading volatile as the traders brace up for the weekly inventory data which is expected to show a rise in the inventory levels.

Natural Gas is trading volatile in a range of USD 3.83/mmbtu to USD 3.87/mmbtu. The US Energy Information Administration (EIA) is widely expected to show that natural-gas supplies rose by 108 billion cubic feet in the week ended Oct. 3. If the actual number in line with the expectation, it would mean that inventories are down 10% on year.

The weather forecast for next 11 to 15 days calls for "below-average temperatures across the East and above average warmth across a large portion of the Western and Central U.S.," said forecaster WSI Corp. in a note yesterday.

Natural Gas prices usually rally during winter as the heating demand increases.

Natural Gas Technical level

Natural Gas has an immediate support of 3.845 (low of 24th Sept, 2014), breach of which shall open the doors for 3.786 (low of 12th Sept, 2014). On the flip side, prices can rally to the yesterday’s high of 3.947 if the resistance of 3.887 is taken out.

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