Naturalgas on MCX settled down -2.19% at 210 on profit booking as warmer than normal weather is expected to cover most of the United States. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 2 billion cubic feet in the week ended March 31, compared to forecasts for a build of 7 billion.
That compared with a withdrawal of 43 billion cubic feet in the preceding week, a gain of 12 billion a year earlier and a five-year average drop of 13 billion cubic feet. Total natural gas in storage currently stands at 2.051 trillion cubic feet, according to the U.S. Energy Information Administration, 17.2% lower than levels at this time a year ago but 12.9% 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. Meanwhile, traders monitored shifting weather forecasts to assess the outlook for early-spring demand and supply levels. Technically market is under long liquidation as market has witnessed drop in open interest by -28.48% to settled at 7012 while prices down -4.7 rupees, now Naturalgas is getting support at 208.1 and below same could see a test of 206.1 level, And resistance is now likely to be seen at 213.4, a move above could see prices testing 216.7.