U.S. natural gas prices fell sharply on Monday, despite forecasts for
heavy snowfall in the heavily populated Northeast region over the next
two days.
On the New York Mercantile Exchange, natural gas for delivery in March tumbled 6.8 cents, or 2.3%, to trade at $2.890 per million British thermal units during U.S. morning hours, after hitting a daily low of $2.821.
On Friday, natural gas surged 13.1 cents, or 4.63%, to settle at $2.958.
Futures were likely to find support at $2.762 per million British thermal units, the low from January 22, and resistance at $2.967, the high from January 23.
The National Weather Service said that the storm would bring heavy snow, powerful winds and widespread coastal flooding through Tuesday.
A blizzard warning was issued for a 250-mile stretch of the Northeast. The storm is centered just north of New York City but will extend from Philadelphia to Canada.
Read more Click here / www.trade4x.net
On the New York Mercantile Exchange, natural gas for delivery in March tumbled 6.8 cents, or 2.3%, to trade at $2.890 per million British thermal units during U.S. morning hours, after hitting a daily low of $2.821.
On Friday, natural gas surged 13.1 cents, or 4.63%, to settle at $2.958.
Futures were likely to find support at $2.762 per million British thermal units, the low from January 22, and resistance at $2.967, the high from January 23.
The National Weather Service said that the storm would bring heavy snow, powerful winds and widespread coastal flooding through Tuesday.
A blizzard warning was issued for a 250-mile stretch of the Northeast. The storm is centered just north of New York City but will extend from Philadelphia to Canada.
Read more Click here / www.trade4x.net
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