MCX Natural Gas Short Covering Zone; Target 370+++ | Neal Bhai

MCX Natural Gas yesterday settled up by 0.29% at 341.7 as significant output remained offline in the aftermath of Hurricane Ida, exacerbating supply concerns in an already tight market.

U.S. Gulf Coast energy companies have advanced efforts to restart facilities, but larger hurdles remain for producers and refiners. A weekly report showing a storage injection of just 20 billion cubic feet (bcf) during the week ended Aug. 27 also supported prices.

Data provider Refinitiv said total U.S. production has averaged 88.6 billion cubic feet per day (bcfd) so far in September, down from 92.0 bcfd in August. Output is also expected to slip further, to 88 bcfd next week.

MCX Natural Gas Trading Tips and Reports:

  • Natural Gas trading zone for the day is 330——352.
  • Natural Gas gained as significant output remained offline in the aftermath of Hurricane Ida, exacerbating supply concerns in an already tight market.
  • U.S. Gulf Coast energy companies have advanced efforts to restart facilities, but larger hurdles remain for producers and refiners.
  • A weekly report showing a storage injection of just 20 billion cubic feet (bcf) during the week ended Aug. 27 also supported prices.

U.S. pipeline exports to Mexico rose to an average 6.3 bcfd so far this month, from 6.2 bcfd in August, but were slightly lower than June’s monthly record of 6.7 bcfd.

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With European and Asian gas both trading over $18 per mmBtu, compared with just under $5 for the U.S. fuel, buyers around the world would keep purchasing all the liquefied natural gas the United States can produce.

MCX Natural Gas Short Covering Zone; Target 370+++ | Neal Bhai via @goldsilverrepor
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