MCX Crude Oil may trade in a range between 4884-5014
Silver market under short covering; Support seen at 36893
Gold market under fresh buying; Support seen at 30211
MCX Crude Palm Oil under long liquidation
Ref. Soya Oil market under fresh Selling; Resistance seen at 752
Technically Natural Gas market is under fresh selling as market has witnessed gain in open interest by 23.56% to settled at 3613 while prices down 1.8 rupees.
Now MCX Natural Gas is getting support at 199.2 and below same could see a test of 197.8 levels and resistance is now likely to be seen at 203.1, a move above could see prices testing 205.6.
Natural Gas on MCX settled down -0.89% at 200.70 dropped in the line of expectation on fresh selling sentiments weak for Natural gas prices slicing through trend line support at 200 level and poised to test lower levels.
Hurricane Florence is working its way through the Atlantic and although there is currently no threat to the US, the trajectory of the storm has changed to a west north west slope.
There is a new tropical disturbance in the Atlantic off Africa. This disturbance has a 70% chance of become a storm up from 30% on Tuesday. The weather is expected to be warmer than normal over the next 8-14 days which should increase cooling demand.
Slightly stronger than normal national demand continues today as hot high pressure dominates the Ohio Valley and East with highs of upper 80s to 90s. It remains very warm over the South and Southeast, although with areas of showers that will limit the coverage of 90s, aided by T.S. Gordon.
The West will be mostly warm to hot with highs of mid-80s to 100s. A cool front continues pushing through the Plains and Midwest with showers and cooling with highs of only 60s and 70s. Overall, national demand will be HIGH easing to MODERATE.
According to data from the EIA, the average total supply of natural gas remained about the same as in the previous report week, averaging 88.2 Bcf per day. Dry natural gas production remained constant week over week.
Trading Ideas:
–Natural Gas trading range for the day is 197.8-205.6.
–Natural gas fell after Tropical Storm Gordon brought cooler weather to the Gulf Coast after making landfall overnight.
–According to data from the EIA, the average total supply of natural gas remained about the same as in the previous report week, averaging 88.2 Bcf per day.
–Hurricane Florence is working its way through the Atlantic and although there is currently no threat to the US, the trajectory of the storm has changed.
Courtesy: Kedia Commodities
Source: Commodityonline.com
