Natural Gas On MCX Settled Down -0.1%

Naturalgas on MCX settled down -0.1% at 196.20 after data showed that natural gas supplies in storage in the U.S. rose more than expected last week. Natural gas futures settled lower for seventh time in the past eight sessions on Wednesday after falling to its lowest since March 20 at $2.935 at the start of the week. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 106 billion cubic feet in the week ended June 2, above forecasts for a build of 98 billion.

That compared with a gain of 81 billion cubic feet in the preceding week, an increase of 65 billion a year earlier and a five-year average rise of 94 billion cubic feet. Total natural gas in storage currently stands at 2.631 trillion cubic feet, according to the U.S. Energy Information Administration, 11.2% lower than levels at this time a year ago but 9.0% above the five-year average for this time of year. Prices of the commodity have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand.

Gas use typically hits a seasonal low with spring's mild temperatures, before warmer weather increases demand for gas-fired electricity generation to power air conditioning. Technically market is under fresh selling as market has witnessed gain in open interest by 0.86% to settled at 5383 while prices down -0.2 rupees, now Naturalgas is getting support at 192.8 and below same could see a test of 189.5 level, And resistance is now likely to be seen at 198.4, a move above could see prices testing 200.7.

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Suhani Verma

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