MTECHTIPS;- Natural Gas Price Update – Strengthens Over $4.557, Weakens Under $4.431

MTECHTIPS;- Natural Gas Price Update – Strengthens Over $4.557, Weakens Under $4.431

MTECHTIPS-Natural gas futures rallied on Wednesday after weather forecasters noted colder medium-range trends that encouraged bearish traders to cover positions and speculative traders to re-establish long positions. Bullish traders were also influenced as the front month December futures contract expired. Additionally, Bespoke Weather Services attributed some of the gains earlier Wednesday to a change in overnight weather data that had increased heating demand expectations and strong gains in the physical market. Traders are now waiting for this week’s Energy Information Administration (EIA) storage report, due Thursday. Current estimates showed market participants are expecting a larger-than-average withdrawal for the week-ended November 23. The consensus shows investors are looking for a 76 Bcf withdrawal. At 0624 GMT, January Natural Gas futures are trading $4.561, down $0.138 or -2.94%. he main trend is up according to the daily swing chart. However, momentum is trending lower. A trade through $4.964 will signal a resumption of the uptrend. The main trend will change to down on a move through $3.199. The storage deficit continues to support the uptrend, however, traders are closely watching the weather, demand and production

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