The limited price action suggests short-covering is taking place as buyers attempt to absorb the huge discount that was posted ahead of the storm last Thursday and Friday. Meanwhile Tropical system Florence will bring areas of showers to the Northeast today, then exiting.
MCX Natural Tips – NG Under Fresh Buying, Strong Support @ 203 – Neal Bhai
Natural Gas on MCX settled up 3.67% at 211.70 gained on fresh buying as investors continue to react to the recovery in the Carolinas in the aftermath of Hurricane Florence and forecasts for warmer temperatures which should lead to increased demand.
Yesterday MCX Natural Gas Tips — Natural Gas Above 207 Buy 100-200-500 Lots and Sleep Target 217—222—232 – Neal Bhai
Weak weather systems will impact the far northern US this weekend, while remaining warmer than normal over the rest of the US. Overall, demand will be a little stronger than normal due to 90s returning to most southern US states. The EIA recently reported that net injections are less than the five-year average.
In its wake, very warm high pressure will expand across much of the country the rest of the week with highs of 80s and 90s over the southern US and 70s and 80s over the northern US besides the cooler Northwest. – Neal Bhai Reports
