Naturalgas On MCX Settled Up 3.65% At 209.90


Naturalgas on MCX settled up 3.65% at 209.90 as appears to have found sustained support as traders continued to monitor shifting weather forecasts to assess the outlook for early-spring demand and supply levels. According to natgasweather.com, a warm spring pattern for the southern and eastern US into early next week for modest early season cooling demand as highs reach the 80’s to locally 90’s. It will be cool over the west-central US for light late season heating demand.

The combination of the two opposing air masses will be to drive slightly stronger than normal national natural gas demand. The west-central US will remain cool and showery into next week with highs of 40s and 50s, 5-15°F below normal. Warm high pressure over the southern and east-central US is expected to expand to also include the East Coast through the rest of the week in the wake of a departing system. Temperatures under this ridge will reach the 70s and 80s over the southern Great Lakes, Mid-Atlantic and Northeast, with 80s to 90s over the Southwest, Texas and the Southeast for modest early season demand for cooling. Overall, nat gas demand will be MODERATE into next week.

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. The EIA's next storage report due on Thursday is expected to show a build in a range between 65 and 75 billion cubic feet in the week ended April 21. Now technically market is getting support at 205.3 and below same could see a test of 200.6 level, And resistance is now likely to be seen at 212.6, a move above could see prices testing 215.2. 
 


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Suhani Verma

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