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Natural Gas extends slide ahead of inventory data

FXStreet (Mumbai) - Natural gas fell to a fresh 2014 low today as traders expect news on a big addition to winter stockpiles.

Natual gas for November delivery is trading 1.24% lower at USD 3.614/mmbtu. Moreover, the commodity fell in six of the last seven sessions, falling more than 6%.

Moreover, a record high production has kept prices under pressure by putting the demand side under more focus. However, Weather forecasts are still showing above-normal temperatures through the end of the month. This means the heating demand for the fuel is likely to stay low. Meanwhile, the long term weather forecasts are indicating that cold winter weather will not arrive before January.

However, the Natural gas prices may recover today if the weekly supply report shows an increase of less than 97 billion cubic feet for the week ending Oct. 17.

Natural Gas Technical levels

Natural Gas has an immediate support of 3.54, below which prices can fall to 3.37 levels. On the other hand, prices may rise to 3.8 levels if the day’s high of 3.74 is breached.

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