Naturalgas On MCX Settled Down -5.24%

Naturalgas on MCX settled down -5.24% at 184.30 dropped in the line of expectation on fresh selling as pressure seen amid bearish weather forecasts that should limit demand for the fuel. Natural gas prices tumbled as cooler than normal weather is expected to cover most of the US according to the National Oceanic Atmospheric Administration. Overall weather conditions remain hot across large swathes of the US which should underpin gas demand in the short term and put a floor under prices.

Prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand. In other news, natural gas-rich Qatar said on Tuesday it plans to increase natural gas production by 30 percent over the next several years, as it faces pressure from its neighbors in a diplomatic crisis. Saad Sherida Al-Kaabi, the head of Qatar Petroleum, told a press conference that the emirate intends to raise production to 100mtns of natural gas a year by 2024.

Qatar is the world’s biggest producer of LNG. Qatar’s current production is up to 77 million tonnes per year. The expansion will increase output levels up to the equivalent of 6mbpd, Kaabi said. Meanwhile due to the U.S. bank holiday, the EIA’s weekly storage report has been postponed until Friday. It is expected to show a 61bcf build versus 46 bcf the week-ending June 23. Technically market is getting support at 180 and below same could see a test of 175.8 level, And resistance is now likely to be seen at 192.3, a move above could see prices testing 200.4.

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Suhani Verma

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