CO:Natural gas finishes higher on firm global demand
Natural gas fluctuated between small gains and losses recovering some part of its losses on warmer-than-normal temperatures across much of the U.S. next week boosted demand expectations for the fuel.
Hotter-than-normal weather increases the need for gas-fired electricity to power air conditioning, boosting demand for natural gas. Meanwhile, the U.S. National Hurricane Center said Monday that an area of thunderstorms in the Caribbean Sea had a 50% chance of developing into a tropical cyclone within the next 48 hours.
In yesterday's trading session natural gas has touched the low of 213.7 after opening at 216.7, and finally settled at 215.1.
For today's session market is looking to take support at 213.3, a break below could see a test of 211.6 and where as resistance is now likely to be seen at 217.2, a move above could see prices testing 219.4.
Trading Ideas:
Natural Gas trading range is 211.6-219.4.
Natural gas fluctuated in range recovering some part of its losses on warmer-than-normal temperatures.
Natural gas looks to test support at 213.30 and resistance is seen at 217.20.
US National Hurricane Center said there are 50% chances of thunderstorms developing into cyclone