Naturalgas On MCX Settled Up 2.89% At 210.2

Naturalgas on MCX settled up 2.89% at 210.2 on short covering as traders reacted to cooler weather forecasts in the Midwest region. However upside seen limited as data showed that natural gas supplies in storage in the U.S. rose more than expected last week. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 67 billion cubic feet in the week ended April 28, disappointing forecasts for a build of 61 billion. That compared with a gain of 74 billion cubic feet in the preceding week, an increase of 68 billion a year earlier and a five-year average rise of 63 billion cubic feet. Total natural gas in storage currently stands at 2.256 trillion cubic feet, according to the U.S. Energy Information Administration, 13.7% lower than levels at this time a year ago but 13.4% above the five-year average for this time of year.

Meanwhile, a strong spring storm tracking through the southeastern U.S. with heavy showers and thunderstorms will push across the Great Lakes and Northeast this weekend into early next week to keep below normal temperatures in place. Overall, natural gas demand will be slightly stronger than normal well into next week, according to forecasters at Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on spring demand. Technically market is under fresh buying as market has witnessed gain in open interest by 18.7% to settled at 7326 while prices up 5.9 rupees, now Naturalgas is getting support at 206.4 and below same could see a test of 202.7 level, And resistance is now likely to be seen at 212.3, a move above could see prices testing 214.5. 
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Suhani Verma

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