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Natural gas pares gains after supply report

FXStreet (Mumbai) - Natural gas has erased gains after the weekly storage report from the Energy Information Agency (EIA) showed natural gas supplies rose more than the market estimates.

Natural Gas is trading at USD 3.804/mmbtu, lower than the pre-data level of USD 3.83/mmbtu. The prices slid after the EIA said natural gas storage in the U.S. in the week ended October 24 rose by 87 billion cubic feet, above expectations for an increase of 85 billion. The storage levels had gone up by 94 billion in the previous week. Total U.S. natural gas storage stood at 3.480 trillion cubic feet.

The prices did fall after the bearish supply report, although losses have been restricted on the expectations that the heating demand for the fuel may increase as we head into the peak consumption period of November to March.

Natural Gas Technical levels

Natural Gas has an immediate resistance at 3.844, above which prices can rise to 3.95 levels. On the flip side, prices may fall to 3.697,if the immediate support located at 3.771 is breached.

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