MCX Natural Gas Intraday Tips: Natural Gas yesterday settled up by 0.91% at 214.40 on record exports and a small decline in production.
Colder-than-usual April weather last week likely boosted heating by so much that utilities may have taken the unusual step of pulling gas from storage.
With summer fast approaching, meteorologists forecast demand for air conditioning will exceed heating use over the next two weeks for the first time since autumn.
Most parts of the country, however, will experience mild weather and use little air conditioning or heat during that time. Data provider Refinitiv said gas output in the Lower 48 U.S. states slipped to an average of 91.3 billion cubic feet per day (bcfd) so far in April from 91.5 bcfd in March due to routine spring pipeline maintenance.
MCX Natural Gas Intraday Tips and Trend:
- Natural Gas intraday trading tips and trend zone for today is 212—224.
- Natural Gas prices rose on record exports and a small decline in production.
- Colder-than-usual April weather last week likely boosted heating by so much that utilities may have taken the unusual step of pulling gas from storage.
- The U.S. EIA said utilities added 38 bcf of gas into storage during the week ended April 16.
That compares with a record monthly high of 95.4 bcfd in November 2019. Refinitiv projected average gas demand, including exports, would slide from 89.4 bcfd this week to 86.8 bcfd next week as the weather turns milder.
The forecast for this week was lower than Refinitiv projected on Tuesday. The amount of gas flowing to U.S. LNG export plants has averaged 11.5 bcfd so far in April, compared with a monthly record of 11.2 bcfd in March.
(By Neal Bhai Reports / Gold Silver Reports, India)