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Natural gas rises ahead of the weekly supply report

FXStreet (Mumbai) - Natural gas prices have inched higher today on expectations that the weekly supply data would highlight an increase in the demand for the fuel as we head into the peak demand season.

Natural gas for December delivery is trading 0.62% higher at USD 3.812/mmbtu. The weekly report from the U.S. Energy Information Administration (EIA) is likely to show an increase of 85 billion cubic feet for the week ending Oct. 24. Moreover, the demand for the fuel usually picks up at the beginning of November. The updated weather forecast models expect the cold Canadian air to make its way south in the lower 48 states in the coming days.

The gains in Natural Gas prices may be erased if the storage rises more than the market expectation.

Natural Gas Technical levels

Natural Gas has an immediate resistance at 3.849, above which the prices can rise to 3.955 levels. On the flip side, the prices may fall to 3.69, if the immediate support at 3.77 is breached.

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