Naturalgas On MCX Settled Down -0.85%

Naturalgas on MCX settled down -0.85% at 186.50 but prices tried to recovered from the day's low as weather forecasting models turned warmer, which should boost demand in the weeks ahead. Wednesday marks the official start of summer and with it brings impressive heat over the Southwest, while far from impressive conditions over the Midwest and East. Late in the week, warm to hot conditions will return over the Great Lakes and East with highs back into the 80s to lower 90s.

Although, yet another cool shot will push into the north-central U.S. this weekend and then across the East next week. Comfortable highs of upper 60s to lower 80s continues across the northern eastern US. Although, it remains dangerously hot over the Southwest into W. Texas where highs will exceed 100°F, closer to 120°F for Las Vegas and Phoenix. Late in the week, warm to hot conditions will return over the Great Lakes and East with highs back into the 80s to lower 90s.

Although, yet another cool shot will push into the north-central US this weekend and then across the East next week. Finally, Tropical Storm Cindy will bring heavy rains and strong winds to portions of TX & LA. Markets will be looking ahead to the EIA natural gas storage data on Thursday with markets expecting a significantly lower build on the week of close to 55Bcf following an increase of 78 Bcf last week.

A lower increase in storage would provide some net support to prices. Technically market is under long liquidation as market has witnessed drop in open interest by -16.8% to settled at 5105 while prices down -1.6 rupees, now Naturalgas is getting support at 185 and below same could see a test of 183.4 level, And resistance is now likely to be seen at 189.3, a move above could see prices testing 192.

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Suhani Verma

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