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Natural Gas continues to rise

FXStreet (Mumbai) - Natural gas prices extended their gains today after posting largest single day gain on Monday since mid-June as signs of early winter may push up the heating demand for the fuel.

Natural gas for December delivery is trading 0.83% higher at USD 4.080/mmbtu. As per weather forecasts, Cool Canadian air is likely to spill over everything east of the Rockies by week’s end, which is likely to trigger first round of heating demand. The temperatures may drop to nearly 10 degrees Fahrenheit below normal in some of the biggest consumer markets in the US, forecasters said. Moreover, traders started buying up contracts as soon as off-hours trading began Sunday evening.

Natural Gas Technical levels

Natural gas an immediate resistance at 4.10 (Aug. 28 high), above which the prices can rise to 4.16 levels. Meanwhile, prices may fall to 3.954 levels, if the immediate support located at 3.99 is breached.

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