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Natural gas declines on rising stockpiles

FXStreet (Mumbai) - Natural gas continues to trade weak today after the weekly inventory data released yesterday showed a fourth-largest additions ever for a week in
October.

Natural Gas for November delivery is trading 0.57% lower today at USD 3.602/mmbtu. The Energy Information Agency (EIA) data released yesterday showed an addition of 94 billion cubic feet of gas to storage for the week ended Oct. 17, compared to the expectation of 97 billion cubic feet. The commodity did recover from the low of USD 3.59 yesterday, although it proved to be a dead-cat bounce since prices are back to the same level today.

Moreover, the Midday weather forecasting models show a burst of cold-air in November to be milder than previously thought. This means a less heating demand for the fuel during the peak season of winter.

Natural Gas Technical levels

Natural Gas has an immediate support at 3.61 (daily low), below which prices can fall to 3.4 levels. On the flip side, prices may rise to 3.7 levels if the immediate resistance of 3.648 is breached.

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