Naturalgas On MCX Settled Down -2.63% At 203.90

Naturalgas on MCX settled down -2.63% at 203.90 posted its biggest losses for any session in four weeks as technical signs have some traders cautious about whether the market’s biggest monthly rally since last spring has hit a wall. Demand will be slightly below normal this week as high pressure holds strong over the central, southern, and eastern US as highs continue to reach the 60s to 80s. The West and Upper Great Lakes will be the exceptions to the slightly cooler side as seasonal weather systems bring rain and snow showers. 

Weak systems over the South and TX this week will also bring showers, but with limited cooling. Late in the week, a weather system will track across the Northeast for a slight and quick increase in heating demand, although warming back above normal this weekend. Overall, demand will be LOW. While according to natgasweather.com, demand will be slightly below normal this week as high pressure holds strong over the central, southern, and eastern US as highs continue to reach the 60s to 80s. The West and Upper Great Lakes will be the exceptions to the slightly cooler side as seasonal weather systems bring rain and snow showers. 

Weak systems over the South and TX this week will also bring showers, but with limited cooling. Late in the week, a weather system will track across the Northeast for a slight and quick increase in heating demand, although warming back above normal this weekend. Overall, demand will be low. Technically market is getting support at 201.3 and below same could see a test of 198.6 level, And resistance is now likely to be seen at 208.9, a move above could see prices testing 213.8.

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Suhani Verma

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