Gold Silver Reports — Technically MCX Natural Gas market is getting support key at 182 and below same couldsee a test of 174 level, And resistance key is now likely to be seen at 190, a move-above could see prices testing 195.
Natural Gas on MCX settled down 8.24% at 190.50 dropped on fresh selling tracking weakness from March NYMEX Natural gas prices which dropped 6.3% to settled at $2.995 per million British thermal units, contract droppedbelow the $3/MMBtu mark Wednesday in its second day trading as demand expectations become uncertain alongside stable production.
According to National Weather forecasts, the latest six- to 10-day outlookreleased Wednesday shows the scope of below-average temperatures steadily decreasing in probability over keydemand markets like New York City and Boston towards the middle of February.
While chilly conditions linger across the East today after yesterday’s cold front with highs of 30s and 40s. A blast of Arctic air willpush into the north-central US today and Thursday with lows dropping into the 20s to -10F, advancing intothe East late Thursday and Friday.
A brief break between cold shot over the northern and eastern US earlythis weekend ahead of the next cold shot. The southern and western US will be dominated by mild highpressure apart from the NW. Overall, national demand will be MODERATE for another day, then HIGH.
Additional pressure on the prompt month comes as market projects a 103 Bcf pull from storage stocks for the weekthat ended January 26 an estimate below the five-year average draw of 160 Bcf.
If projections of Thursday’s storage data come to fruition, it would mark oneof the lowest withdrawals from storage for the third week of January since January 23, 2015, when 94 Bcf was pulled from stocks.
Overall Natural Gas production remains strong and the weather outlook has held relativelymild over the near term. – Neal Bhai Reports Indian Goldman