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Natural Gas gains, bullish bets at six-week high

FXStreet (Mumbai) - Natural gas prices rose as updated weather forecast models predict a cold weather over the fortnight from now due to which the weekly inventory report may start showing drawdowns from stockpiles rather than increases.

Natural Gas for December delivery traded 4.02% higher at USD 4.182/mmBtu at the time of writing. Prices had gained almost 4% on Friday as the cold weather clearly prevented the market from extending the 8.9% loss witnessed during the week ended Nov. 13th.

Meanwhile, the Commodity Futures Trading Commission (CFTC) data showed net-long positions increased 53% in the week ended Nov. 11. Moreover, the bullish bets in the commodity now stand at a six-week high. Interestingly, the prices had gained 2.9% during the CFTC reporting period.

Natural Gas technical Levels

Natural Gas an immediate resistance located at 4.184, above which the prices may rise to 4.309 levels. Meanwhile, a break below 4.114, may push down the prices to 3.934 levels.

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