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Natural Gas tanks on inventory report

FXStreet (Mumbai) - Natural gas prices fell sharply after the Energy Information Agency (EIA) reported that US natural gas stocks increased by 94 billion cubic feet for the week ending October 10, compared with an expected increase of 91 billion cubic feet.

Natural Gas futures were trading around USD 3.8/mmbtu ahead of the EIA report and fell sharply to USD 3.749/mmbtu immediately following the report. The future are trading 0.83% down at USD 3.769/mmbtu at the time of writing.

Gas prices have been under pressure since the latest weather forecast models forecast the winter with a less intensity, which means less heating demand for the fuel. However, forecasts for a warm weather in the southern part of the US shall provide some support the prices as demand for air conditioners will remain strong.

Natural Gas technical levels

Natural Gas may rise to 3.82 levels if the prices manage to take out the resistance level of 3.80. On the flip side, the prices may fall further to 3.725 levels if the day’s low of 3.75 is breached.

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