MCX Natural Gas Call : NG if Close Above 210, We Blast Up To 214—217—222 – Neal Bhai Reports – INDIA – Jai Hind
Technical Power of CFA’s
(CHARTRED FINANCE ANALYST)
“No Magic, No Miracle, Just Power of Level”
Neal Bhai Reports (NBR) By CFA’s and MFA’s Technical Team
Mobile No. 9582247600 & 9899900589
Natural Gas on MCX settled down 0.39% at 205.8 as a steady rise in gas production offset concerns surrounding low inventories in storage, which are at the lowest level in 15 years for this time of year. Production in the Lower 48 U.S. states averaged a record-high 82.0 billion cubic feet per day (bcfd) over the past 30 days.
Daily output rose to an all-time high of about 83.3 bcfd on Aug. 18. Early estimates showed utilities were likely to inject 41 bcf gas into storage in the week of Aug. 17. This compares with increases of 45 bcf in the same week last year and a five-year average build of 52 bcf for the period. If correct, this would be the seventh straight week that injections would be smaller than normal.
The increase would also boost stockpiles to 2.428 tcf, leaving inventories about 20 percent below the five-year average of 3.034 tcf for this time of year, and the lowest for the week since 2003. overall futures volatility has remained relatively low since February, with prices supported by tight supplies but pressured by strong gas output.
