Gold Silver Reports – 🔥🔥🔥🔥🔥 Natural Gas MCX Buy Karo and So Jaao, Expected Target 205—212 — Technically Natural Gas MCX is getting support key 195 and below same could see a test of 191 levels and resistance is now likely to be seen at 205, a move above could see prices testing 212.
Natural Gas on MCX settled down 2.16% at 199.6 on profit booking after prices rose on forecasts for colder weather and more heating demand next week than previously expected.
Stockpiles were over 12 percent below average for this time of year after a record draw last week during a brutal, prolonged freeze for much of the United States.
Forecast for gas demand in the lower 48 U.S. states for next week to 125.2 billion cubic feet per day from 124.5 bcfd on expectations of colder weather. Included in the consumption outlook are U.S. exports to Mexico and Canada via pipeline and the rest of the world as liquefied natural gas. U.S. sales abroad are projected to average 9.3 bcfd this week, up 13 percent from a year earlier.
U.S. natural gas speculators boosted their net long positions for a third week in a row, betting prices will rise as supplies tighten after utilities pulled record amounts of gas out of storage during the brutally cold days since Christmas.
Read More: Natural Gas Buy on Dips Target 197—203, Sell Karna Mana Hai
Speculators in four major New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE) markets added to their bullish bets by 30,581 contracts to 142,678 in the week to Jan. 9, the U.S. Commodity Futures Trading Commission said.
As temperatures warm, allowing freezing wells to return to service, as projected production in the lower 48 U.S. states would increase to 75.1 bcfd on Friday from as low as 71.1 bcfd last week when the cold reduced output by as much as 8 percent from the record high of 77.5 bcfd on Dec. 26. – Neal Bhai Reports
