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During Monday’s trading session natural gas futures for delivery in May traded within the range $4.446-$4.476 and closed at $4.527.

At 09:43 GMT today natural gas futures for settlement in May traded at $4.495 per million British thermal units, adding 0.41% for the day. The contract touched a daily high at $4.513 per mBtu at 08:50 GMT.

Fundamental view

The latest spring storm will be tracking slowly off the eastern US today with moderate to heavy showers and thunderstorms , NatGasWeather.com reported on April 8. The storm will sweep through the central US and into the eastern US, bringing colder-than-normal temperatures deep into the US Southeast, which will lead to several days of strong natural gas and heating demand.

High pressure formation will rapidly build into the central and eastern US late in the week, pushing temperatures into the 70s and 80s in the Plains and the South and 60s in much of the Midwest and Northeast.

However, cold blasts will return in the US around April 13-17th, as cold Canadian air moves back in the US territory, bringing significant surge in natural gas and heating demand.

Technical view

NatGas2

According to Binary Tribune’s daily analysis, in case natural gas price manages to breach the first resistance level at $4.517 per mBtu, it will probably continue up to test $4.562 per mBtu. In case the second key resistance is broken, the energy source will probably attempt to advance to $4.598.

If natural gas price manages to breach the first key support at $4.436, it will probably continue to slide and test $4.400. With this second key support broken, the movement to the downside will probably continue to $4.355 per mBtu.

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