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Natural gas futures trade above 200-DMA ahead of weekly storage data

FXStreet (Mumbai) - Natural gas futures opened well above the 200-DMA located at USD 4.2837 ahead of the weekly storage report from the Energy Information Agency (EIA).

The futures traded 0.19% higher at USD 4.42/mmBtu at the time of writing, compared to the previous session’s close of USD 4.286. Moreover, the prices gained as the storage report slated for release today is likely to show a significant decline of 130 billion cubic feet for the week ending November 21. A sharp fall in the storage will re-enforce expectations that the rise in heating demand is likely to outstrip supply during the peak season of winter.

Natural Gas Technical Levels

The prices face an immediate resistance at 4.479, above which prices could re-test of 4.527 (Oct. 11 high). Meanwhile, a break below the daily low of 4.369 shall open doors for a re-test of the 200-DMA located at 4.2837.

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