Naturalgas On MCX Settled Up 2.32% At 207.50


Naturalgas on MCX settled up 2.32% at 207.50 prices rallied from a two-week low on Wednesday, supported by the prospect of cooler temperatures. Natural gas has drifted lower in the past few weeks, as a lack of weather-related demand, weather patterns are expected to be rather bearish through Thursday due to mostly mild/warm temperatures of 60s to 80 dominating much of the country besides portions of the northern US near the Canadian border.

There will still be numerous weather systems with showers, just to the mild side. Colder weather system will track over the southern and eastern US Friday through Wednesday to bring an increase in demand to stronger levels. Meanwhile, market participants looked ahead to weekly storage data due on Thursday, which is expected to show a build in a range between 40 and 50 billion cubic feet in the week ended April 14.

That compares with a gain of 10 billion cubic feet in the preceding week, a gain 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 2.061 trillion cubic feet, according to the U.S. Energy Information Administration, 20.2% lower than levels at this time a year ago but 12.8% above the five-year average for this time of year.

Technically market is under fresh buying as market has witnessed gain in open interest by 22.08% to settled at 5751 while prices up 4.7 rupees, now Naturalgas is getting support at 204.2 and below same could see a test of 200.8 level, And resistance is now likely to be seen at 209.7, a move above could see prices testing 211.8. 
 
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Suhani Verma

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