Gold Silver Reports (GSR) – MCX Natural Gas Price Strong Support ₹194 and Resistance seen at ₹203 — Natural Gas on MCX settled down -0.74% at ₹199.9 after weekly storage injections topped expectations and the five-year normal for a second straight week.
MCX Natural Gas Price Forecast
MCX Natural Gas is getting support key @ ₹196 and below same could see a test of ₹194 levels and resistance key is now likely to be seen @ ₹203, a move above could see prices testing ₹207.
In recent months, the biggest factor affecting the gas market has been whether production, which is at record highs, would be enough to cut the vast storage deficit and boost stockpiles to normal levels before next winter.
Other than a couple of brief price breakouts, that factor has kept futures in a tight trading range between $2.85 and $3.00 per mmBtu since late May. Prices likely would remain range-bound until there is a big change in the weather.
Meteorologists forecast temperatures, which have been higher than normal since the start of June, would remain at elevated levels through at least the first week of July.
Much of that heat has been concentrated in Texas where peak power demand is expected to break a record for the month of June as consumers crank up their air conditioners to escape a mini heat wave, according to the operator of most of the state’s power grid. – Neal Bhai Reports (NBR)
