U.S. Natural Gas Snaps Longest Rising Streak Since January 2011
Natural gas fell for the first time in eight days, snapping the longest rising streak since January 2011 as a technical indicator signaled prices may have risen too fast.
Futures in New York fell as much as 1.4 percent. The 14-day relative strength index rose to 70.1 on Nov. 29, the highest since April, according to data compiled by Bloomberg. A reading of more than 70 typically signals the market has advanced too quickly for gains to be sustained. Prices rose 11 percent in the seven trading sessions to Nov. 29 as forecasters predicted colder weather in the U.S.
Natural gas for January delivery fell as much as 5.7 cents to $3.897 per million British thermal units on the New York Mercantile Exchange, and was at $3.905 at 11:56 a.m. Singapore time. Gas has gained 17 percent this year.
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