Gold Silver Reports – Technically Natural Gas market is under fresh selling as market has witnessed gain in open interest by 4.74% to settled at 24092 while prices down 5.6 rupees.
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NaturalGas MCX is getting support key level 162 and below same could see a test of 157 levels and resistance key is now likely to be seen at level 174, a move above could see prices testing 180.
Natural Gas on MCX settled down -3.25% at 166.5 on forecasts for less heating demand next week and later in December than previously expected. Prices have been trending toward new lows for most of December on moderating winter weather forecasts, record production and storage near normal levels.
Projected U.S. gas consumption will jump to an average of 120.9 billion cubic feet per day as frigid air blankets much of the country during the last week in December, up from just 104.0 bcfd during what is expected to be mild weather next week.
Included in the consumption projections are U.S. exports to Mexico and Canada via pipeline and the rest of the world as liquefied natural gas. U.S. sales abroad were projected to average 9.9 bcfd this week, up 36 percent from a year earlier.
Read: Natural Gas MCX Short Covering, Support Zone Level 171—168
Production in the lower 48 U.S. states averaged an all-time high of 76.3 bcfd over the past 30 days, according to data. Daily output peaked at the end of November at 76.8 bcfd and has remained near that level since. That compares with a year-earlier decline of 200 bcf and a five-year average decrease of 125 bcf for that period.
The National Weather Service (NWS) projected seasonal temperatures in December, January and February across much of the country. The winters in 2015-2016 and 2016-2017 were among the warmest on record. – Neal Bhai Reports