By FX Empire.com
Natural gas prices rebounded on Tuesday but remained near their lowest level in a year, as weather forecasts signaled the winter season could be the coldest in a decade, which boosted speculations of rising demand for natural gas as a heating fuel. Moreover, the unexpected expansion in New York’s empire manufacturing index provided support for natural gas prices.
Traders are likely to continue their attention on weather developments, while we expect traders to shift their attention to rising supply of natural gas later this week, where speculations continue to mount that natural gas stockpiles are approaching a record high reached last year. Moreover, traders will be eyeing industrial production data from the United States on Wednesday. Overall, we maintain a bearish outlook for natural gas prices.
Wednesday November 16:
At 14:15 GMT we have the Industrial Production for October, which is expected to rise by 0.4% after rising by 0.2% in September, and Capacity Utilization is expected to rise to 77.6% from 77.4% in September.
Originally posted here
