Natural gas rose on forecasts of cooler-than-normal weather in early November that may spark demand for the heating fuel. U.S. gas production rose 1.6 percent in August as output from wells in the Gulf of Mexico and Louisiana increased, the Energy Department reported.

Output increased to 72.38 billion cubic feet a day from a revised 71.27 billion in July, the department’s Energy Information Administration said in a monthly report known as EIA-914.

Natural Gas yesterday we have seen that market has moved 4.39%. Market has opened at 180.5 & made a low of 180.5 versus the day high of 190.8.

The total volume for the day was at 14117 lots and the open interest was at 13335.Now support for the Natural Gas is seen at 182 and below could see a test of 176.1.

Resistance is now likely to be seen at 192.3, a move above could see prices testing 196.7.

Trading Ideas:

Natural Gas trading range is 176.1-196.7.
Natural gas rose on forecasts of cooler-than-normal weather in early November
Natural gas looks to test support at 184.80 and resistance is seen at 190.40.
Output increased to 72.38 billion cubic feet a day from a revised 71.27 billion in July

Courtesy: Kedia Commodities

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