Natural Gas MCX Trading Zone of 182-204

Natural Gas MCX Trading Zone of 182-204Gold Silver Reports — Natural Gas MCX Trading Zone of 182-204 — Natural Gas on MCX settled down -1.6% at 190.70 as trader book profit in their long positions while earlier in the morning session prices rose to a new eight-week high of 197.80 as traders continued to eye potential storm activity in the Gulf of Mexico. In evening session prices came under pressure erasing earlier gains, on expectations that storms in the Atlantic Ocean wouldn’t disrupt production as much as previously expected.

The National Hurricane Center said Tropical Depression Nine is expected to strengthen into a tropical storm and move into the eastern Gulf of Mexico in the next 48 hours. Storms in the Gulf of Mexico can disrupt offshore natural-gas production. The BSEE said Tuesday that 10% of natural gas production in the Gulf of Mexico had been shut in. But offshore production accounts for a small percentage of total natural-gas output in the U.S. In addition, the storm isn’t expected to disrupt output further.

Updated weather forecasting models pointed to very warm late summer temperatures into mid-September, boosting demand expectations for the cooling. High pressure will dominate the southern and eastern US with temperatures mainly in the 80s to lower 90s. Although, it’s expected to remain unsettled over the west-central US into the Midwest as weather systems bring showers, thunderstorms, and modest cooling.

Overall, Nat gas demand will be moderate to locally high . US storage levels also remained in focus. Market players looked ahead to weekly supply data due on Thursday, which is expected to show a build of approximately 25bcf. Technically market is getting support at 187.8 and below same could see a test of 182 level, and resistance is now likely to be seen at 195.7, a move above could see prices testing 204. — Neal Bhai Reports 

Natural Gas MCX Trading Zone of 182-204


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