OctaFX | OctaFX Forex Broker
Open trading account

EIA forecasts lower Natural Gas price

FXStreet (Mumbai) - The US Energy Information Administration (EIA), in its short-term energy outlook released this week, said the Natural gas will cost less this winter due to record high production.

The agency expects the spot price of natural gas to average USD 3.97/mmBtu this winter, down from last month's estimate of USD 4/mmBtu. Last winter, spot prices averaged US 4.53/mmBtu. The EIA also lowered its price forecast for 2015 from USD 3.84/mmBtu to USD 3.83/mmBtu.

Natural Gas for December delivery traded 0.75% higher at USD 4.007 at the time of writing. Moreover, the commodity has posted losses since the beginning of this week.

Natural Gas Technical Levels

Natural gas has an immediate support at 3.977, under which prices can fall to 3.955 levels. Meanwhile, resistance is seen at 4.064 and 4.10 levels.

Weight on EUR will likely come from surprises to data - Scotiabank

Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank views that the weight in EUR/USD pair from here will likely come from surprises to the data and no longer from just the underperformance of Europe.
Read more Previous

United States Export Price Index (MoM) registered at -1%, below expectations (-0.4%) in October

Read more Next
Start livechat