MCX Natural Gas yesterday settled up by 3.48% at 433.7 on forecasts power generators will burn more of the fuel this week than previously expected and as record global gas prices keep demand for more U.S. liquefied natural gas (LNG) exports strong.
Even though the weather is expected to remain milder than normal on average across the United States through mid October, lingering pockets of warm were still expected to keep air conditioners humming in some parts of the country this week.
Gas prices around the world have soared to all-time highs for several days in a row as low stockpiles in Europe and insatiable demand in Asia cause the two regions to compete for spare LNG cargoes.
Prices in Europe jumped over 80% in September, rising a seventh month in a row, as the amount of gas in storage in some European countries fell to dangerously low levels ahead of the winter heating season.
Speculators boosted their net long positions on the New York Mercantile and Intercontinental Exchanges last week for the first time in three weeks as record global prices helped the U.S. front-month climb over 9% in volatile trade, according to data from the Commodity Futures Trading Commission (CFTC).
Natural Gas Trading Forecast:
- MCX Natural Gas trading range is 425——480.
- Natural Gas jumped on forecasts power generators will burn more of the fuel this week than previously expected.
- Support also seen as record global gas prices keep demand for more U.S. liquefied natural gas (LNG) exports strong.
- Gas prices around the world have soared to all-time highs amid low stockpiles in Europe and insatiable demand in Asia.
