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Natural Gas extends gains ahead of the weekly supply report

FXStreet (Mumbai) - Natural Gas prices have inched higher, after clocking gains for the seven consecutive sessions on forecasts of cold weather in the US.

Natural gas for December delivery is trading 0.19% higher at USD 4.202/mmbtu, compared to the previous session’s close of USD 4.194. The commodity has inched higher ahead of the US Energy Information Administration's weekly storage data which is likely to show an increase of 80 billion cubic feet for the week ending Oct. 31. Inventories rose by 35 billion cubic feet in the same week last year.

Moreover, the prices rallied this week due to the blasts of cool air expected to shoot across the eastern U.S. in the coming days.

Natural Gas Technical Levels

Natural Gas has an immediate resistance at 4.245, above which the prices may rise to 4.315 levels. On the other hand, an immediate support is seen at 4.184, under which the prices can fall to 4.101 levels.

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