MCX Naturalgas Tips [12 September, 2024]: As Expected MCX Naturalgas Kiss High 201.10. My Final Target is Rs. 200. Same to same fully target hit.
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MCX Gold Tips [12 September, 2024]
- ✅MCX Naturalgas Tips [12 September, 2024]
- ✅Neal Bhai MCX Naturalgas Tips Fully Hit.
- ✅Naturalgas 190 To Rs. 201.10.
- ✅11 Points Done.
- ✅Profit Rs. 12,750 Per Lot.
Naturalgas Prices Jump as Weekly EIA Inventories Climb Less Than Expected
Oct Naturalgas prices Thursday jumped to a 3-week high on a lower-than-expected build in weekly EIA nat-gas supplies. The EIA reported Thursday that weekly nat-gas inventories rose +40 bcf, below expectations of +48 bcf.
Naturalgas prices also saw support from forecasts for warmer US weather that will boost nat-gas demand from electricity providers to run air conditioning. NatGasWeather said Thursday that warmer-than-normal temperatures are expected across most of the US into the end of this month.
Lower-48 state dry gas production Thursday was 99.5 bcf/day (-1.1% y/y), according to BNEF. Lower-48 state gas demand Thursday was 70.5 bcf/day (-2.5% y/y), according to BNEF. LNG net flows to US LNG export terminals Thursday were 11.9 bcf/day (-10.9% w/w), according to BNEF.
A decrease in US electricity output is negative for Naturalgas demand from utility providers. The Edison Electric Institute reported Wednesday that total US electricity output in the week ended September 7 fell -8.05% y/y to 82,941 GWh (gigawatt hours), although US electricity output in the 52-week period ending September 7 rose +1.46% y/y to 4,141,562 GWh.
Thursday’s weekly EIA report was bullish for nat-gas prices since nat-gas inventories for the week ended September 6 rose +40 bcf, below expectations of +48 and well below the 5-year average build for this time of year of +67 bcf. As of September 6, nat-gas inventories were up +5.7% y/y and were +9.6% above their 5-year seasonal average, signaling ample nat-gas supplies. In Europe, gas storage was 93% full as of September 9, above the 5-year seasonal average of 87% full for this time of year.
Baker Hughes reported last Friday that the number of active US nat-gas drilling rigs in the week ending September 6 fell by -1 rig to a 3-1/3 year low of 94 rigs. Active rigs have fallen back since posting a 5-year high of 166 rigs in Sep 2022, up from the pandemic-era record low of 68 rigs posted in July 2020 (data since 1987).
