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Natural Gas declines on Profit booking

FXStreet (Mumbai) - Natural gas prices declined extending the sharp losses witnessed on Monday on profit booking after prices rallied for ten consecutive sessions.

Natural Gas for December delivery is trading at USD 4.164/mmbtu, compared to the previous session’s close of USD 4.255. Moreover, prices saw gains of almost 23% in ten-straight sessions as investors rushed to buy contracts due to the looming onslaught of fiercely cold weather over much of the U.S. in the next two weeks.

However, many analysts believe that the rally was overdone and that the supplies would be enough to get through the peak demand season. Analysts are also projecting another strong rise in supplies this week.

Natural Gas Technical Levels

Natural Gas is trading near an immediate support located at 4.154, under which the prices can fall to 4.10. Meanwhile, a breach of the immediate resistance at 4.199 could lead to a re-test of 4.247.

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