 |
| Whats App:- 958901359 |
Naturalgas on MCX settled down -2.45% at 207 fell sharply continues to deteriorate 26 as warm weather was expected to continue since last week prices where under pressure after a report from the EIA showed that domestic supplies of natural gas fell by 48 billion cubic feet for the week-ended December 21. The number was just under the consensus of 50, but pretty close to the average of the range of market expectation.
All eyes are on the weather forecasts for the first week in January and especially next weekend. A weak cool front will bring chilly conditions over New England to open the week, but quite mild over the rest of the east-central and southern US even as a weather system strengthen over Texas and the South with increasing rains, just without cold air. A more impressive cold blast will bring snow to the Rockies and Plains, with cold air into N. Texas as well as highs only reach the 0s to 30s. Cold air with this Plains system will sweep across the Great Lakes and Northeast during the second half of the week for stronger national demand. While US natural gas output in the lower 48 states rose to 96.65 billion cubic feet per day (bcfd) in October from a revise 95.96 bcfd in September, the U.S. Energy Information Administration said in its monthly 914 production report.
Technically market is under fresh selling as market has witnessed gain in open interest by 0.97% to settled at 3834 while prices down -5.2 rupees, now Naturalgas is getting support at 203.1 and below same could see a test of 199.2 level, And resistance is now likely to be seen at 211.8, a move above could see prices testing 216.6.
For further detail about market movement and trading strategy get registered in our Best Bullion HNI Tips plan or Whats App @ 9589013659, Visit at http://idealstock.in/
No comments:
Post a Comment