Gold Silver Reports – Technically Natural Gas market is under fresh buying as market has witnessed gain in open interest by 3.99% to settled at 10251 while prices up 0.7 rupees.
Natural Gas MCX Hot Dancing
Natural Gas MCX is getting support key at 185 and below same could see a test of 180 levels and resistance key is now likely to be seen at 194, a move above could see prices testing 197.
Natural Gas on MCX settled up 0.37% at 190.4 on short covering as support seen with last weeks federal data showed a storage withdrawal in line with market expectations.
Arctic air will cover the northern, central, and eastern US with lows of -25°F to teens. Subfreezing air has also advanced deep into the southern US with lows of single digits to 30s. The West will be mild apart from cold valley inversions.
With very cold conditions continuing over the North, East, and South, nat gas demand will remain very high. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. fell by 112 billion cubic feet in the week ended December 22, while market had forecast a decline of 113 billion.
Read More: Natural Gas MCX Blast or Not? – Patience is Money
That compared with a draw of 112 billion cubic feet (bcf) in the preceding week and represented a decline of 62 billion from a year earlier and was 85 bcf below the five-year average.
Total U.S. natural gas storage stood at 3.332 trillion cubic feet,1.8% than levels at this time a year ago and 2.5% below the five-year average for this time of year. – Neal Bhai Reports
