18 C
New York
Wednesday, May 25, 2022

MCX Natural Gas may move in a range of 193.7-212.5

MCX Gold under fresh buying; Support seen at 32943

MCX Silver under fresh buying; Resistance seen at 40784

MCX Crude Oil under fresh selling; Support seen at 3832

MCX Copper may trade between 433.3-442.1 levels

MCX Zinc under Fresh buying; Support seen at 192.9

Technically MCX Natural Gas is getting support at 197.6 and below same could see a test of 193.7 level, And resistance is now likely to be seen at 207, a move above could see prices testing 212.5.

Naturalgas on MCX settled down 1.99% at 201.5 as the market focused on forecasts for warmer weather next week and a smaller-than-expected weekly storage draw.

The U.S. Energy Information Administration (EIA) said utilities pulled 173 billion cubic feet (bcf) of gas from inventories during the colder-than-normal week ended Jan. 25.

The decline for the week to Jan. 25 cut stockpiles to 2.197 trillion cubic feet (tcf), 13.0 percent below the five-year average of 2.525 tcf for this time of year and the same as this week last year. The cold this week, which was blamed for at least 12 deaths in the Midwest, caused some utilities to urge consumers to cut back on their gas use as demand spiked to a preliminary record high.

Meteorologists predicted the weather over the next two weeks will go from brutally cold on Thursday and Friday to warmer than normal for much of next week before turning colder than normal, but not arctic, on Feb. 7 through the second week of February.

Refinitiv predicted demand for gas in the Lower 48 U.S. states hit a preliminary daily record high of 145.1 billion cubic feet per day (bcfd) on Wednesday as consumers cranked up their heaters to deal with freezing weather in the Midwest and Northeast.

Gas production in the Lower 48 states, meanwhile, was projected to fall to a four-month low of 84.9 bcfd on Thursday due primarily to freeze-offs in the Marcellus and Utica shale in Pennsylvania, Ohio and West Virginia.

Trading Ideas:
–Natural Gas trading range for the day is 193.7-212.5.
–Natural Gas slipped as the market focused on forecasts for warmer weather next week and a smaller-than-expected weekly storage draw.
–EIA said utilities pulled 173 billion cubic feet (bcf) of gas from inventories during the colder-than-normal week ended Jan. 25.
–The decline for the week to Jan. 25 cut stockpiles to 2.197 trillion cubic feet (tcf), 13.0 percent below the five-year average of 2.525 tcf for this time of year.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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