Natural Gas continues downfall on third trading day after falling from the level near to $4.49 on 16th January. Natural Gas February future contract dropped by 1.20% and trading near to $4.27 at 12:50 GMT.
Due to mild weather condition the demand for heating fuel is decreasing. Energy Information Administration will release Natural Gas inventory on Thursday, 23rd January. For the week ended 11th January the inventory had fell to 257 billion cubic feet. This week due to changing weather condition we may see fall in the withdrawal of inventory.
Next week the temperature is expected to remain above normal. Traders may increase short position during this period. The commodity is expected to find support near to $4.0 if the price fall continues.
In other energy commodities WTI is down by 0.71% and trading near at $93.70, Brent is down by 0.12% and trading at $106.38 while Gasoline is up by 0.12% and trading at $262.63 at 12:50 GMT.