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10 Nov 2014
Natural Gas posts longest winning streak in 14 years
FXStreet (Mumbai) - Natural Gas futures gained for the tenth-consecutive sessions with the onslaught of the cold temperatures coming over most of the US this week.
Natural Gas for December delivery is trading 0.03% higher at USD 4.419/mmbtu levels. The prices have recovered from the low of USD 3.62 hit on Oct. 2 on forecasts of cold weather. The U.S. government’s Global Forecast System weather model shows temperature will dip 8 Celsius below normal in most parts of the US from Nov. 17 to Nov. 21.
Meanwhile, many analysts believe that the current rally is overdone and that the supplies will be adequate to get through the peak period. "I personally think shortage fears are unfounded," said Aaron Calder, an analyst at Houston research consultancy Gelber & Associates.
Natural Gas Technical Levels
Natural Gas has an immediate support located at 4.327, under which prices can fall to 4.245 levels. Meanwhile, the prices can rise to 4.543, if the immediate resistance at 4.457 is breached.
Natural Gas for December delivery is trading 0.03% higher at USD 4.419/mmbtu levels. The prices have recovered from the low of USD 3.62 hit on Oct. 2 on forecasts of cold weather. The U.S. government’s Global Forecast System weather model shows temperature will dip 8 Celsius below normal in most parts of the US from Nov. 17 to Nov. 21.
Meanwhile, many analysts believe that the current rally is overdone and that the supplies will be adequate to get through the peak period. "I personally think shortage fears are unfounded," said Aaron Calder, an analyst at Houston research consultancy Gelber & Associates.
Natural Gas Technical Levels
Natural Gas has an immediate support located at 4.327, under which prices can fall to 4.245 levels. Meanwhile, the prices can rise to 4.543, if the immediate resistance at 4.457 is breached.