MCX Zinc may trade between 177.3-182.3 levels
MCX Nickel under short covering; Resistance seen at 946.8
MCX Aluminium likely to move in a range of 139.8-142.4
MCX Mentha Oil under fresh buying; Support seen at 1572.4
Crude Oil market under fresh buying; Support seen at 4756
Technically now Natural Gas is getting support at 189.6 and below same could see a test of 188.8 levels and resistance is now likely to be seen at 191.5, a move above could see prices testing 192.6.
Natural Gas on MCX settled up 0.26% at 190.50 gained on fresh buying tracking NYMEX Natural gas futures which rose to the highest levels of the session on Thursday, after data showed that supplies in storage rose much less than forecast last week.
Front-month U.S. natural gas futures were up 1.7 cents, or around 0.6%, to $2.772mbtu. Futures were at around $2.750 prior to the release of the supply data. Yesterday the U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 24bcf in the week ended July 20, below forecasts for a gain of 36 bcf.
That compared with a build of 46 bcf in the preceding week, an increase of 17 bcf a year earlier and a five-year average rise of 46 bcf. Total natural gas in storage currently stands at 2.273 trillion cubic feet (tcf), according to the U.S. Energy Information Administration.
That figure is 705 bcf, or around 23.6%, lower than levels at this time a year ago, and 557 bcf, or roughly 19.7%, below the five-year average for this time of year. While strong upper high pressure continues to dominate the western and southern US with highs of 90s to 110°F, hottest from California to Texas for strong regional demand.
A warm and wet weather system will exit the East with showers ending, while a cooler system upstream will sweep through the Midwest and east-central US with showers and comfortable highs of 70s to lower 80s, including into the South this weekend. Overall, demand will be HIGH easing to MODERATE.
Trading Ideas:
–Natural gas trading range for the day is 188.8-192.6.
–Natural gas rose after data showed that supplies in storage rose much less than forecast last week.
–The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 24 billion cubic feet.
–Total natural gas in storage currently stands at 2.273 trillion cubic feet (tcf), according to the U.S. Energy Information Administration.
Courtesy: Kedia Commodities
Source: Commodityonline.com
