Naturalgas On MCX Settled Up 2.69% At 209.70

Naturalgas on MCX settled up 2.69% at 209.70 as support seen on cool conditions over the Northeastern US, which will persist into early next week, may work to support natural gas prices over the near term, as these conditions are expected to result in stronger that normal natural gas demand. Natural gas prices also gained as traders monitored shifting weather forecasts to assess the outlook for spring demand and supply levels. Cool conditions linger over the northeastern US, although warming slightly mid-week before another weather systems with reinforcing cooling follows Friday through early next week. The central and southeastern US will remain warm with highs of upper 70s to 80s, locally 90s. A weather system tracking across the Southwest toward Texas will bring showers, but still with mostly comfortable temperatures as highs reach the 60s and 70s. Over the West, warm conditions will give way to cooling this weekend as Pacific systems return.

Overall, nat gas demand will remain stronger than normal, mainly driven primarily by the cooler than normal northeastern US. Meanwhile, market participants looked ahead to weekly storage data due on Thursday, which is expected to show a build in a range between 48 and 58bcf in the week ended May 5. That compares with a gain of 67bcf in the preceding week, an increase of 68 billion a year earlier and a five-year average rise of 73bcf. Total natural gas in storage currently stands at 2.256tcf, according to the US EIA, 13.7% lower than levels at this time a year ago but 13.4% above the five-year average for this time of year. Now technically market is getting support at 206.4 and below same could see a test of 203.1 level, And resistance is now likely to be seen at 211.6, a move above could see prices testing 213.5.
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Suhani Verma

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