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Natural Gas gains 4%, rises above 200 DMA

FXStreet (Mumbai) - Natural gas prices in the US short higher today, rising well above the 200 DMA level located at USD 4.3046, as investors rushed to buy contracts ahead of the incoming cold air which is expected to cover most of the US.

Natural Gas for December delivery traded 4.52% higher at USD 4.436/mmBtu at the time of writing, compared to the previous session’s close of USD 4.244. Moreover, the prices breached, but failed to sustain gains above the 200 DMA yesterday. The prices shot higher today from a low of USD 4.195, after weather forecast models predicted below average temperatures across most of the US through Nov. 27.

The commodity has also strengthened on expectations that this week’s inventory data is likely to show a first draw down for this season due to a rise in the heating demand.

Natural gas Technical Levels

Natural Gas has an immediate support located at 4.3046 (200 DMA), under which the prices can fall to 4.244. Meanwhile, a resistance is seen at 4.5 and 4.544 levels.

United States EIA Crude Oil Stocks change came in at 2.608M, above forecasts (-0.7M) in November 14

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