Naturalgas On MCX Settled Down -0.26%

Naturalgas on MCX settled down -0.26% at 193.30 dropped from the earlier gain's as the weather over the week-end came in cooler than expected and new models were predicting mild temperatures over the near-term. The selling is taking place despite the news that U.S. natural gas speculators in the week to June 27, boosted their net long positions for the first time in six weeks, betting prices will rise on the possibility there will be less gas than usual in storage for next winter due to low output and rising exports.

The new weather forecast supports lower prices early in the week then higher prices later in the week. But comfortable conditions linger across the Great Lakes and Northeast to open the week with highs of upper 60s and 70s. However, temperatures of upper 80s to 100s will expand to cover most of the rest of the country mid-week for strong national demand as high pressure dominates besides a weak weather system with thunderstorms trapped under the middle of the ridge.

Warming will also briefly push into the Great Lakes and NE before cooling back off Fri-Mon as a new weather system arrives. Overall, nat gas demand will be increasing to high. According to natgasweather.com, “Cooler than normal conditions will continue across the north-central U.S.

into early next week as weather systems with showers result in comfortable highs of upper 60s and 70s. However, temperatures will warm back into the 80s to 90s over the East over the week-end as high pressure returns.Technically market is getting support at 190.4 and below same could see a test of 187.6 level, And resistance is now likely to be seen at 197.2, a move above could see prices testing 201.2.

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Suhani Verma

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