MCX Settled Down -0.68% Natural Gas

MCX settled down -0.68% at 205.8 as investors began to contemplate how much natural gas will be added to storage as spring begins. Meanwhile, traders continued to monitor shifting early-spring weather forecasts. Weather systems will track across the country the next several days with rain, snow, and thunderstorms, but with limited cold air as they play out spring-like, according to forecasters at 

There remains potential for a bit colder system from April 7 through the 10th and will be dependent on how a weather system tracking over the southern U.S. phases with a cold blast over the Midwest. Total natural gas in storage currently stands at 2.049 trillion cubic feet, according to the U.S. Energy Information Administration, 17.1% lower than levels at this time a year ago but 12.2% above the five-year average for this time of year. 

Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on early-spring demand. Data from the U.S. Energy Information Administration showed that domestic supplies of natural gas fell by 43 billion cubic feet for the week ended March 24. Total stocks now stand at 2.049 trillion cubic feet, down 423 billion cubic feet from a year ago, but 250 billion cubic feet above the five-year average, the government said.

Stocks were 423 Bcf less than last year at this time and 250 Bcf above the five-year average of 1,779 Technically market is under long liquidation as market has witnessed drop in open interest by -9.25% to settled at 6748 while prices down -1.4 rupees, now Naturalgas is getting support at 204 and below same could see a test of 202.1 level, And resistance is now likely to be seen at 209, a move above could see prices testing 212.1.

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Suhani Verma

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