Natural Gas Prices Steadied

 
Natural gas prices steadied as traders were caution for recent move given the upcoming weather forecast. According to natgasweather.com, much of the country will experience comfortable highs of 50’s to 80’s through next week. It was reported by the Energy Information Administration that natural gas storage data recorded a build of 10 Billion Cubic feet (bcf) for the week ending April 7th. This was the second successive small weekly build and was higher than consensus forecasts of a build of about 5 Bcf.

Demand for natural gas is expected to be low in the coming week as high pressure systems continue to dominate in the central, southern and eastern parts of the country, with high temperatures reaching into the 60s, all the way to the 80s. Less heavily populated regions in the west and north are forecast to see milder temperatures. Stockpiles fell week over week to about 17% below last year’s level and are now 14.6% above the five-year average.

The EIA reported that U.S. working stocks of natural gas totaled about 2.061 trillion cubic feet, around 263 billion cubic feet above the five-year average of 1.798 trillion cubic feet and 416 billion cubic feet below last year’s total for the same period. Working gas in storage totaled 2.477 trillion cubic feet for the same period a year ago.

Technically market is under fresh buying as market has witnessed gain in open interest by 10.96% to settled at 6641 while prices up 0.4 rupees, now Naturalgas is getting support at 203.8 and below same could see a test of 200.4 level, And resistance is now likely to be seen at 209.8, a move above could see prices testing 212.4.
 
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Natural gas prices steadied as traders were caution for recent move given the upcoming weather forecast. According to natgasweather.com, much of the country will experience comfortable highs of 50’s to 80’s through next week. It was reported by the Energy Information Administration that natural gas storage data recorded a build of 10 Billion Cubic feet (bcf) for the week ending April 7th. This was the second successive small weekly build and was higher than consensus forecasts of a build of about 5 Bcf.
Demand for natural gas is expected to be low in the coming week as high pressure systems continue to dominate in the central, southern and eastern parts of the country, with high temperatures reaching into the 60s, all the way to the 80s. Less heavily populated regions in the west and north are forecast to see milder temperatures. Stockpiles fell week over week to about 17% below last year’s level and are now 14.6% above the five-year average.
The EIA reported that U.S. working stocks of natural gas totaled about 2.061 trillion cubic feet, around 263 billion cubic feet above the five-year average of 1.798 trillion cubic feet and 416 billion cubic feet below last year’s total for the same period. Working gas in storage totaled 2.477 trillion cubic feet for the same period a year ago.
Technically market is under fresh buying as market has witnessed gain in open interest by 10.96% to settled at 6641 while prices up 0.4 rupees, now Naturalgas is getting support at 203.8 and below same could see a test of 200.4 level, And resistance is now likely to be seen at 209.8, a move above could see prices testing 212.4.  
- See more at: http://www.investmentguruindia.com/CommoditiesReports/Silver-trading-range-for-the-day-is-42129-42915---Kedia-Commodity#sthash.KJVhtQfP.dpuf
Natural gas prices steadied as traders were caution for recent move given the upcoming weather forecast. According to natgasweather.com, much of the country will experience comfortable highs of 50’s to 80’s through next week. It was reported by the Energy Information Administration that natural gas storage data recorded a build of 10 Billion Cubic feet (bcf) for the week ending April 7th. This was the second successive small weekly build and was higher than consensus forecasts of a build of about 5 Bcf.
Demand for natural gas is expected to be low in the coming week as high pressure systems continue to dominate in the central, southern and eastern parts of the country, with high temperatures reaching into the 60s, all the way to the 80s. Less heavily populated regions in the west and north are forecast to see milder temperatures. Stockpiles fell week over week to about 17% below last year’s level and are now 14.6% above the five-year average.
The EIA reported that U.S. working stocks of natural gas totaled about 2.061 trillion cubic feet, around 263 billion cubic feet above the five-year average of 1.798 trillion cubic feet and 416 billion cubic feet below last year’s total for the same period. Working gas in storage totaled 2.477 trillion cubic feet for the same period a year ago.
Technically market is under fresh buying as market has witnessed gain in open interest by 10.96% to settled at 6641 while prices up 0.4 rupees, now Naturalgas is getting support at 203.8 and below same could see a test of 200.4 level, And resistance is now likely to be seen at 209.8, a move above could see prices testing 212.4.  
- See more at: http://www.investmentguruindia.com/CommoditiesReports/Silver-trading-range-for-the-day-is-42129-42915---Kedia-Commodity#sthash.KJVhtQfP.dpuf
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