Naturalgas On MCX Settled Down -0.76% At 208.30


 
Naturalgas on MCX settled down -0.76% at 208.30 prices pare losses as rise in US supplies meets market expectations, yesterday data from the U.S. Energy Information Administration showed that domestic supplies of natural gas rose by 74bcf for the week ended April 21. That was generally in line with the increase of 73 billion cubic feet expectation. Total stocks now stand at 2.189 trillion cubic feet, down 358 billion cubic feet from a year ago, but 299 billion cubic feet above the five-year average, the government said.

Meanwhile, weather systems will sweep across the Great Lakes and Northeast with showers and slightly cool temperatures through the end of the month. High pressure is expected to dominate the western and southern US with warmer than normal conditions during the period. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on spring demand.

Gas use typically hits a seasonal low with spring's mild temperatures, before warmer weather increases demand for gas-fired electricity generation to power air conditioning. Technically market is under long liquidation as market has witnessed drop in open interest by -1.04% to settled at 7164 while prices down -1.6 rupees, now Naturalgas is getting support at 206.1 and below same could see a test of 204 level, And resistance is now likely to be seen at 210.4, a move above could see prices testing 212.6. 
 
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Suhani Verma

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