Naturalgas On MCX Settled Down -0.86%

Naturalgas on MCX settled down -0.86% at 195.9 as forecasts for below-normal temperatures across most parts of the U.S. over the next two weeks weighed. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on spring heating demand. Data showed that natural gas supplies in storage in the U.S. rose less than anticipated last week.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 78 billion cubic feet in the week ended June 9, below forecasts for a build of 86 billion. That compared with a gain of 106 billion cubic feet in the preceding week, an increase of 69 billion a year earlier and a five-year average rise of 87 billion cubic feet. Total natural gas in storage currently stands at 2.709 trillion cubic feet, according to the U.S.

Energy Information Administration, 10.6% lower than levels at this time a year ago but 8.4% above the five-year average for this time of year. There were, however, expectations of some cooling into early next week which is liable to dampen demand. Demand for the next week is expected to be moderate largely due to expected higher temperatures in the eastern half of the United States into the weekend. Cooler temperatures are expected across the northern and east central regions beginning early in the week.

Technically market is under long liquidation as market has witnessed drop in open interest by -18.52% to settled at 4809 while prices down -1.7 rupees, now Naturalgas is getting support at 194.7 and below same could see a test of 193.4 level, And resistance is now likely to be seen at 198.2, a move above could see prices testing 200.4.

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Suhani Verma

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