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Natural gas declines 4%

FXStreet (Mumbai) - Natural gas prices opened lower today as investors priced-in a possibility of a warm weather by month end.

Natural Gas for January delivery traded 4.27% lower at USD 4.229/mmBtu levels at the time of writing. The prices came under pressure as weather forecasts predict warm temperature to spread across most part of the US by month end. Thus a fall in heating demand for the fuel is likely to fall.

The action in the commodity today also indicates that markets have fully priced-in the first draw down in the storage reported by the Energy Information Agency (EIA) last week.

Natural Gas Technical Levels

The prices have an immediate support located at 4.017 (50 DMA), under which prices can fall to 3.969 (100 DMA). Meanwhile, the resistance is seen at 4.286 (200 DMA) and 4.403 (5 DMA).

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