Monday, November 29 2021 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Gas News
Today's News
Yesterday's News
Week of Nov 22
Week of Nov 15
Week of Nov 08
Week of Nov 01
Week of Oct 25
By Topic
By News Partner
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Gas News > News Article

    Share by Email E-mail Printer Friendly Print

    MCX Natural Gas under long liquidation Resistance seen at 380.2


    September 21, 2021 - Commodity Online

     

      India, Sept. 21 -- Technically Natural Gas market is under long liquidation as market has witnessed drop in open interest by 31. 57% to settled at 4593 while prices down 10.2 rupees.

      Now MCX Natural Gas is getting support at 365 and below same could see a test of 357.9 levels and resistance is now likely to be seen at 380.2 a move above could see prices testing 388.3.

      Natural Gas yesterday settled down by 2.67% at 372.2 as forecasts for milder weather offset expectations record global gas prices would keep U.S. exports high.

      With gas inventories in Europe at extremely low levels heading into the winter heating season when demand peaks prices in both Europe and Asia traded at all-time highs over $25 per million British thermal units (mmBtu).

      That compares with just $5 in the United States prompting buyers around the world to keep purchasing all the gas the United States can produce.

      U.S. LNG exports would have been higher this month but were reduced by a brief shutdown at Freeport LNG's plant in Texas during Tropical Storm Nicholas and the start of maintenance at Berkshire Hathaway Energy's Cove Point in Maryland.

      Gas speculators last week cut their net long positions on the New York Mercantile and Intercontinental Exchanges for the first time since August in anticipation of the price drop that started late last week following a bigger-than-expected storage build according to data from the Commodity Futures Trading Commission (CFTC).

      U.S. gas stockpiles however were still about 7.1% below the five-year normal for this time of year. Those low inventories like those in Europe helped boost U.S. gas prices to their highest in seven years early last week.

      Trading Ideas:

      --Natural Gas trading range for the day is 357.9-388.3.

      --Natural Gas eased as forecasts for milder weather offset expectations record global gas prices would keep U.S. exports high.

      --Gas inventories in Europe at extremely low levels heading into the winter heating season when demand peaks.

      --U.S. LNG exports would have been higher this month but were reduced by a brief shutdown at Freeport LNG's plant in Texas.

      Courtesy: Kedia Commodities Published by HT Digital Content Services with permission from Commodity Online. For any query with respect to this article or any other content requirement, please contact Editor at contentservices@htlive.com

    TOP

    Other Articles - International


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2021 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.