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Natural gas extends gains as storage fell more-than-expected

FXStreet (Mumbai) - Natural gas prices in the US shot up after the weekly storage data from the Energy Information Agency (EIA) showed storage fell more-than-expected.

Natural Gas for December delivery traded 2.04% higher at USD 4.46/mmBtu at the time of writing. Prices extended gains after storage declined to a seasonally adjusted annual rate of -17B, from 40B in the preceding month. Markets were expecting a decline of 12B in storage.

Moreover, the commodity had been on a rising trend since past few sessions as it was widely believed that the current week’s storage data would show a first drawdown of the season.

Natural Gas Technical Levels

The immediate resistance for the price is seen at 4.544 (Nov. 10 high), above which gains could be extended to 4.60 levels. Meanwhile, support is seen at 4.354 and 4.258 levels.

United States EIA Natural Gas Storage change registered at -17B, below expectations (-12B) in November 14

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