U.S. natural gas prices sold off on Tuesday, after forecasts called for a
late-January warm-up that was expected to limit demand for the heating
fuel.
On the New York Mercantile Exchange, natural gas for delivery in February tumbled 23.3 cents, or 7.45%, to trade at $2.894 per million British thermal units during U.S. morning hours, after hitting a daily low of $2.888, the weakest level since January 13.
Nymex floor trading was closed Monday for the Martin Luther King Jr. holiday and transactions will be booked with Tuesday’s for settlement purposes. On Friday, natural gas declined 3.1 cents, or 0.98%, to settle at $3.127.
Futures were likely to find support at $2.795 per million British thermal units, the low from January 13, and resistance at $3.228, the high from January 16.
Updated weather forecasting models for the lower 48 U.S. states called for seasonal temperatures over the next two weeks. The outlook for late-January previously called for a significant cold snap.
Read more Click Here / www.trade4x.net
On the New York Mercantile Exchange, natural gas for delivery in February tumbled 23.3 cents, or 7.45%, to trade at $2.894 per million British thermal units during U.S. morning hours, after hitting a daily low of $2.888, the weakest level since January 13.
Nymex floor trading was closed Monday for the Martin Luther King Jr. holiday and transactions will be booked with Tuesday’s for settlement purposes. On Friday, natural gas declined 3.1 cents, or 0.98%, to settle at $3.127.
Futures were likely to find support at $2.795 per million British thermal units, the low from January 13, and resistance at $3.228, the high from January 16.
Updated weather forecasting models for the lower 48 U.S. states called for seasonal temperatures over the next two weeks. The outlook for late-January previously called for a significant cold snap.
Read more Click Here / www.trade4x.net
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