Gold Silver Reports (GSR) – MCX Natural Gas Above ₹ 195 Buy on Dips Sell Karna Mana Hai Hint Call By Neal Bhai – Natural Gas on MCX settled down 0.15% at 201.4 after data showed that supplies in storage rose more 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 91 billion cubic feet (bcf) in the week ended June 15, above forecasts for a gain of 85 bcf.
MCX Natural Gas Tips
Technically Chart MCX Natural Gas is getting support key at ₹197 and below same could see a test of ₹195 levels and resistance key now likely to be seen at ₹205, a move above could see prices testing ₹209.
That compared with a build of 96 bcf in the preceding week, an increase of 61 bcf a year earlier and a five-year average rise of 83 bcf. Total natural gas in storage currently stands at 2.004 trillion cubic feet (tcf), according to the U.S. Energy Information Administration.
That figure is 757 bcf, or around 27.4%, lower than levels at this time a year ago, and 499 bcf, or roughly 19.9%, below the five-year average for this time of year. Meanwhile, updated weather forecasting models pointed to above-average temperatures covering most of the country over the next two weeks. – Neal Bhai Reports (NBR)
