Natural gas prices edged lower on Wednesday after weather forecasting models continued to call for milder temperatures to move across the U.S. this weekend, which should cut into the need for air conditioning and thus reduce demand for the commodity at the nation’s thermal power plants. On the New York Mercantile Exchange, natural gas futures for delivery in October were down 1.32% at $3.839 per million British thermal units during U.S. trading. The commodity hit a session low of $3.838, and a high of $3.917. The October contract settled down 4.31% on Tuesday to end at $3.890 per million British thermal units. Natural gas prices jumped higher last week, rising above the $4 level for the first time since mid-July as higher-than-average temperatures bolstered the demand outlook. Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.
TRADING STRATEGY :
SELL GOLD BELOW 1266 TGT 1262,1256 SL 1271
BUY GOLD ABPVE 1276 TGT 1280,1285 SL 1270.50
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