U.S. natural gas prices plunged sharply on Monday, as weather forecasts
predicted temperatures across the U.S. would not be as cold as
previously thought, dampening near-term demand expectations for the
heating fuel.
On the New York Mercantile Exchange, natural gas for delivery in February tumbled 12.0 cents, or 3.85%, to trade at $3.007 per million British thermal units during U.S. morning hours, after hitting a daily low of $2.978.
Trade volumes were expected to remain light on Monday, with U.S. markets closed for a holiday.
On Friday, natural gas declined 3.1 cents, or 0.98%, to settle at $3.127.
Futures were likely to find support at $2.932 per million British thermal units, the low from January 14, 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 12.0 cents, or 3.85%, to trade at $3.007 per million British thermal units during U.S. morning hours, after hitting a daily low of $2.978.
Trade volumes were expected to remain light on Monday, with U.S. markets closed for a holiday.
On Friday, natural gas declined 3.1 cents, or 0.98%, to settle at $3.127.
Futures were likely to find support at $2.932 per million British thermal units, the low from January 14, 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
No comments:
Post a Comment