Dragged By Rising Supplies, Natural Gas Extends Losses

U.S natural gas prices edged lower on Thursday after the U.S. Energy Information Administration reported that the commodity’s storage rose 73 billion cubic feet for the week ending October 21st, which is slightly higher than forecast of an increase of 71 bcf.

Natural gas retested the 38.2% Fibonacci level at $2.691 per million Btu following a pullback to as high as $2.775 per million Btu on Wednesday. According to the government data, total stocks now stand at 3.909 trillion cubic feet, up 52 billion cubic feet from a year ago and 182 billion cubic feet above the five-year average.

Natural gas Trade suggestion

Sell Stop at 2.675, Take profit at 2.625, Stop loss at 2.760

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