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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 BOLE BOOM BOOM – BOOM BOOM
Natural gas markets rallied significantly during the day on Tuesday, gaining over 2% as we broke above the $2.87 level. At this point, it looks as if we are trying to fill the massive gap above at the $2.90 level again.
There are few disturbances that could threaten infrastructure in the Gulf of Mexico, which has taken some of the wind out of prices. Demand continues to remain subdued despite a tick up in residential demand due to warm weather that is forecast to cover most of the United States for the next 2-weeks.
Gold Silver Reports (GSR) — Natural Gas MCX Under Fresh Buying Zone – The fundamentals are bearish at this time and prices are likely to fall further if Thursday’s U.S. Energy Information Administration weekly storage report is bearish.
Gold Silver Reports (GSR) — Natural Gas on MCX settled down -0.54% at 200.80 dropped in the line of expectation on fresh selling for a 3rd consecutive trading session. Prices are giving back some of the gains experienced last week. This comes despite low inventory levels that have a flat trajectory and have a lot of stockpiles to make up prior to the withdrawal season.
Natural Gas on MCX settled up 0.92% at 208.60 gained despite increase in natural gas inventories. Prices remain buoyed as the trajectory of stockpile increases are less than average, pushing current levels below the 5-year average range. The weather is expected to be warmer than normal over the next 2-week according to the National Oceanic Atmospheric Administration.
MCX Natural Gas Call : NG if Close Above 210, We Blast Up To 214—217—222 – Neal Bhai Reports – INDIA – Jai Hind
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