šGas price more than 40% below October peaks, NATGAS loses 10% today alone
US gas prices are falling as mild weather forecasts offset heating demand and allayed fears of gas shortages in the market that supported the recent price rally. The commodity has lost more than 40% since hitting a seven-year high of $6.466 two months ago. Meteorologists believe December will be one of the warmest months in terms of gas consumption since 1950.Ā
Gas prices are starting the new trading week with a downward price gap and are diving below the psychological support of $4. The nearest support for gas prices is the 78.6% retracement ($3.265), which has served as important resistance in the past.Ā
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NATGAS continues to fall, D1 interval. Source: xStation 5
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