Naturalgas On MCX Settled Down -1.08% At 201.2

Naturalgas on MCX settled down -1.08% at 201.2 as momentum-based traders pile on to a recent losing skid tied to a weak time of year for demand. A late-winter rally has been followed up by a steady retreat throughout April, a time of year when temperate weather often lowers demand for the heating fuel. Further downside price action is also suggested by the recent failure against the upward sloping trendline which had defined price action since the late February low was established.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 54 billion cubic feet in the week ended April 14, compared to forecasts for a build of 48 billion. That compared with a gain of 10 billion cubic feet in the preceding week, an increase of 7 billion a year earlier and a five-year average rise of 35 billion cubic feet. Total natural gas in storage currently stands at 2.115 trillion cubic feet, according to the U.S.

Energy Information Administration, 14.8% lower than levels at this time a year ago but 13.3% above the five-year average for this time of year. According to, numerous weather systems will impact the US this weekend through early next week with areas of showers and cooling, but none exceptionally cold with highs mainly in the 40’s and 50’s north to 60’s to 80’s south.

Technically market is under long liquidation as market has witnessed drop in open interest by -3.2% to settled at 4839 while prices down -2.2 rupees, now Naturalgas is getting support at 198.6 and below same could see a test of 195.9 level, And resistance is now likely to be seen at 204.9, a move above could see prices testing 208.5. 
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Suhani Verma

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