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Natural Gas gains, traders decrease bullish bets

FXStreet (Mumbai) - Natural Gas prices are trading higher today despite of weather forecasts indicating a low probability of extreme weather conditions.

Natural Gas is trading 0.61% higher at USD 3.883/mmbtu even as the Commodities Futures Trading Commission (CFTC) data released on Friday showed that hedge funds and money managers decreased their bullish bets in the week ending October 7. Net longs fell sharply to 6,288 contracts from 26,166 in the previous week.

The latest weather models do hint at pockets of cooler weather across the U.S. in the coming days, although the temperatures are not expected to fall to freezing levels. Consequently, the heating demand for Natural Gas may not pick up much leading to a fall in price.

Natural Gas Technical levels

Natural Gas has an immediate resistance of 3.947 (Oct 8 high), while the immediate resistance is located at 3.81 levels.

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