Naturalgas On MCX Settled Up 0.76%

Naturalgas on MCX settled up 0.76% at 199.80 gained on fresh buying into a fourth session amid bullish weather forecasts that should provide a boost in demand for the fuel. Support also seen on dollar losses and a firm tone in oil price which helped support natural gas prices on Wednesday ahead of Thursday’s gas storage data. 

The latest weather reports suggest that conditions across northern US states will be relatively cool over the next few days with gas demand only moderate despite hot conditions in the south, but gas demand is likely to increase next week.

Cooler than normal conditions will continue across the northern US into early next week as weak weather systems with showers result in comfortable highs of 60s and 70s. Temperatures will warm back into the upper 80s to 90s over the East Thursday-Friday as high pressure returns for stronger demand. It’s not quite as hot over the SW, but still with temperatures over much of the West and the south-central US/Texas in the upper 80s to 100s.

Market participants looked ahead to weekly storage data due on Thursday, which is expected to show a build in a range between 50 and 61bcf in the week ended June 23. That compares with a gain of 61bcf in the preceding week, an increase of 37 billion a year earlier and a five-year average rise of 72bcf. Technically market is getting support at 197.5 and below same could see a test of 195.3 level, And resistance is now likely to be seen at 201.9, a move above could see prices testing 204.1.

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Suhani Verma

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