Naturalgas On MCX Settled Down -4.13%

Naturalgas on MCX settled down -4.13% at 187.8 as updated weather forecasting models pointed to weak demand in the weeks ahead. A cool front will sweep across the eastern U.S. the next few days with heavy showers and powerful thunderstorms, thereby dropping highs into the upper 60s and 70s with little demand for heating or cooling.

Longer-term models showed considerably cooler temperatures for late next weekend into the following week as weather systems over southern Canada advance more aggressively into the northern and eastern U.S. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand. 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. Market participants looked ahead to weekly storage data due on Thursday, which is expected to show a build in a range between 49 and 60 billion cubic feet in the week ended June 16.

That compares with a gain of 78 billion cubic feet in the preceding week, an increase of 62 billion a year earlier and a five-year average rise of 82 billion cubic feet. Technically market is under fresh selling as market has witnessed gain in open interest by 30.15% to settled at 6259 while prices down -8.1 rupees, now Naturalgas is getting support at 184.1 and below same could see a test of 180.4 level, And resistance is now likely to be seen at 193.4, a move above could see prices testing 199.

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Suhani Verma

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