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Natural Gas finds support at 200-DMA

FXStreet (Mumbai) - Natural gas prices in the US declined today to trade near the 200-DMA support located at USD 4.2961 levels.

Natural gas for December delivery traded 3.63% lower at USD 4.326/mmBtu at the time of writing, compared to the previous day’s close of USD 4.489 levels. Prices had rallied yesterday after the Energy Information Agency reported a larger-than-expected storage withdrawal. However, the commodity failed near a technical resistance around USD 4.50.

Moreover, prices retreated from the four-month high on Friday as production at record high puts the onus entirely on cold weather to trigger heating demand. The coming cold weather is not as extreme as previously predicted, which could result in a slow pick up in the heating demand for the fuel.

Natural Gas Technical Levels

The prices have an immediate support located at 4.2961 (200-DMA), under which losses could be extended to 4.245 (10-DMA). Meanwhile, a strong resistance is seen at 4.5 levels.

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