MCX Crude Oil may trade between 5319-5643 levels
MCX Copper likely to move in a range of 454.1-466.7
MCX Zinc under long liquidation
MCX Nickel likely to move in a range of 928.6-968.2
MCX Aluminium may trade between 150-154.4 levels
Technically Natural Gas market is getting support at 240.1 and below same could see a test of 237.4 level, And resistance is now likely to be seen at 247.7, a move above could see prices testing 252.6.
Natural Gas on MCX settled up 0.75% at 242.90 dropped from the day’s high initially tried to rally during the trading session on Wednesday, reaching towards the 249 level. But prices pulled back a bit since then, which quite frankly makes sense considering that we had gotten so overbought.
Natural Gas prices slide lower on Wednesday as Hurricane Michael slammed into the western coast of Florida.The storm hit the coast as a category 4-storm with winds near 150-miles per hour. It appears that most natural gas installations where not hit by high winds and man power will reduce to installation within the next few days.
There should be very little disruption to production of natural gas in the Gulf of Mexico. The weather according to a forecast from the National Oceanic Atmospheric Administration is expected to be colder than normal over the next 2-weeks.
Meanwhile the West & Plains will see weather systems with rain, snow, and chilly conditions with lows mainly in the 20s to 40s. The southern US will remain warm with highs of 80s, although becoming wet over the Southeast as Hurricane Michael arrives.
Overall, national demand will be MODERATE today, then increasing to HIGH. While EIA estimates dry natural gas production in the United States averaged 85.1bcf per day in September, up 0.6 Bcf per day from August. EIA forecasts that dry natural gas production will average 82.7 Bcf per day in 2018, up by 7.9 Bcf per day from 2017 and establishing a new record high.
Trading Ideas:
–Natural Gas trading range for the day is 237.4-252.6.
–Natural Gas prices pared its gains on profit booking as Hurricane Michael slammed into the western coast of Florida.
–There should be very little disruption to production of natural gas in the Gulf of Mexico.
–The weather according to a forecast from the National Oceanic Atmospheric Administration is expected to be colder than normal over the next 2-weeks.
Courtesy: Kedia Commodities
Source: Commodityonline.com
