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Natural Gas Prices Drop Below Support Level

August 5, 2013

The September natural gas futures contract dipped below the support level of $3.40 on Thursday, August 1, delicing as low as $3.34 before closing at $3.39. Since then, the contract has decreased a bit further, reaching as low as $3.31 on Monday, August 5, marking the 52-week low. We expect prices to hold support. If it becomes resistance a level, prices would be expected to go lower.