MCX Natural Gas prices settled up 0.33% at 153.2 on forecasts calling for a little colder weather in late January despite a government report showing a …
Natural Gas (NG) surged as weather forecasts turned cooler which could boost heating demand, and on short-covering.
Future prices for natural gas “fell to a one-month low on Friday after plunging more than 12% for the week. The commodity Natural Gas is currently trading around $2.34 per million British thermal units, which is nearly 50% below where it traded a year earlier. It’s down 21% for 2019.”
Until more convincing cold starts showing up in the models, downside risk will outweigh upside potential.
Russia switched on an enormous gas pipeline to China worth billions of dollars Monday, affirming increasingly close economic and political ties between the two countries.
Natural Gas prices rebounded in yesterday’s session settled at 184.70 up by +0.49% following a larger than expected draw in natural gas inventories according to a report from the Department of Energy.
Natural Gas on MCX settled down 1.82% at 194.1 on forecasts for moderating weather and declining heating demand over the next two weeks.