Gold Silver Reports – Technically Natural Gas market is under fresh buying as market has witnessed gain in open interest by 16.8% to settled at 10371 while prices up 5.7 rupees.
Now Natural Gas is getting support at 192 and below same could see a test of 188 levels and resistance is now likely to be seen at 198, a move above could see prices testing 201—205.
Natural Gas on MCX settled up 3% at 195.70 started the week off with sharp gains on Monday, as traders returned to the market to seek cheap valuations after prices fell by the most since late February in the last session.
A cool shot will linger over the northeastern US to open the week with highs only in the 30s and 40s, but warming mid-week. The central and southern US will be mild to warm with highs of 60s to 80s due to unseasonably strong high pressure.
The West will see fresh weather systems arrive with valley rains and mountain snows. Much of the country will be milder than normal late in the week and next weekend apart from portions of the Upper Great Lakes & Northeast.
Read More: Natural Gas Tips — Enjoy Blast NG 185 — 196
Overall, demand will be MODERATE to occasionally LOW. Meanwhile, market participants looked ahead to this week’s storage data due on Thursday, which is expected to show a draw in a range between 40 and 52bcf in the week ended Nov. 24. That compares with a drop of 46 bcf in the preceding week, a fall of 50 bcf a year earlier and a five-year average decline of 47 bcf.
Total natural gas in storage currently stands at 3.726tcf, according to the US EIA. That figure is 319 bcf, or around 7.9%, lower than levels at this time a year ago and 121 bcf, or roughly 3.2%, below the five-year average for this time of year. – Neal Bhai Reports
