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U.S. Natural gas futures extend gains after storage data - Capital Street FX

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13:08 IST

U.S. natural gas futures increased gains in North American trade on Thursday -initially breaking the $2.90 mark immediately following storage data, despite the fact that the figures showed that natural gas supplies in storage in the U.S. declined slightly less than expected last week.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. fell by 112 billion cubic feet in the week ended December 22, while analysts had forecast a decline of 113 billion.

Front-month gas futures for February delivery on the New York Mercantile Exchange rose 16.1 cents, or 5.9 percent, to $2.893 per million British thermal units at 10:39 a.m. EST (1539 GMT).

Total U.S. natural gas storage stood at 3.332 trillion cubic feet, 1.8% than levels at this time a year ago and 2.5% below the five-year average for this time of year.

On the technical chart the market has created a formation of higher bottoms on the daily chart. The price action is hovering near the 200 day EMA.

Trade suggestion:

Buy stop at 2.975, take profit at 2.987, stop loss at 2.968

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