MTECHTIPS;-Natural gas futures fluctuate amid uncertain demand outlook Natural gas futures fluctuated between gains and losses on Monday, market participants continued to focus on weather forecasts to gauge the strength of demand for the fuel.On the New York Mercantile Exchange, natural gas futures for delivery in November traded at USD3.749 per million British thermal units during U.S. morning trade, down 0.4%. Nymex gas prices held in a range between USD3.732 per million British thermal units, the session low and a daily high of USD3.829. The November contract touched a low of USD3.685 on Friday, the weakest level since October 9, before turning higher to settle USD3.764 per million British thermal units, up 0.19%.Nymex gas futures were likely to find support at USD3.685 per million British thermal units, the low from October 18 and resistance at USD3.868, the high from October 16 and the strongest level since June 21.Natural gas prices remained supported as near-term weather forecasts pointed to colder-than-normal temperatures across most parts of the eastern half of the U.S. However, extended weather forecasting models called for above-average weather across most of the nation throughout most of November.Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on early-winter heating demand. The U.S. heating season runs from November through March, and is considered the peak demand period for gas consumption.Meanwhile, natural gas traders turned their attention back to the resumption of government inventory data later this week, which had been delayed due to the 16-day U.S. government shutdown. WWW.MTECHTIPS.COM 07489294118-119
Posted on: Mon, 21 Oct 2013 13:58:16 +0000
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