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Natural gas futures soared Wednesday as energymarkets brace for a powerful winter storm that threatens to derail production just as demandrises.
Prices of natural gas started the week with a gap higher past the $4.00 mark per MMBtu. The move was in tandem with rising open interest and volume, indicative that the continuation of the rebound appears likely in the very near term. While above the 200-day SMA at $4.030, the outlook for the commodity is seen as constructive.
MCX Natural Gas Tips Today: Naturalgas Hit Target Price 398.90.
MCX Natural Gas – 381 to 400.60 = 19 (Profit Rs. 23750.00 Per Lot)
Natural Gas yesterday settled up by 5.53% at 385.3 on forecasts for higher demand next week than previously expected, as air conditioning use remains strong in many parts of the country and heating demand starts to pick up in other areas.
MCX Natural Gas yesterday settled up by 7.79% at 362.5 driven by a bullish mix of expectations for higher demand due to warmer weather projections and sustained outages due to storm Ida while also tracking a rally in global gas prices.
Natural Gas MCX Tips Today: Natural Gas yesterday settled up by 1.52% at 300 as forecasts continued to signal hotter weather over the coming weeks than previously expected, which tends to increase gas demand for cooling.