Naturalgas On MCX Settled Down -2.59% At 206.60


Naturalgas on MCX settled down -2.59% at 206.60 dropped in the line of expectation as cool weather raised long-term concerns that summer heat won’t show up in full force. Weather forecasters are now anticipating cooler weather in the coming days, which could prompt some consumers to turn up the heat at a time of year when mild temperatures. It will remain very warm for another day over the East Coast where highs will reach the again reach the 70’s and 80’s before quickly cooling mid-week as the east-central system sweeps through. The west-central and southern US will see mostly above normal highs mainly in the 60’s to 80’s, locally 90’s over the Southwest and S. Texas. Overall, natural gas demand will be slightly stronger than normal.

For the month of April, we saw a tapering of the demand for gas across the global markets. This is again a seasonal phenomena as the month of April and May are called the shoulder months due to the dip in the demand for gas. The demand for heating is no longer there as winter is gone by then in most parts of the world and the demand for heating is also not there as it is yet to be the summer season as well. As a result of this, we are caught in the middle as far as the months of April and May and that is why we could confidently say in our forecasts in March that we are in a period of consolidation and ranging for the next couple of months. Now technically market is getting support at 204 and below same could see a test of 201.5 level, And resistance is now likely to be seen at 211.2, a move above could see prices testing 215.9. 
 
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Suhani Verma

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