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    MCX Natural Gas under fresh buying Resistance seen at 487.7


    October 6, 2021 - Commodity Online

     

      India, Oct. 6 -- Technically Natural Gas market is under fresh buying as market has witnessed gain in open interest by 29. 1% to settled at 7661 while prices up 39.2 rupees.

      Now MCX Natural Gas is getting support at 446.8 and below same could see a test of 420.6 levels and resistance is now likely to be seen at 487.7 a move above could see prices testing 502.4.

      Natural Gas yesterday settled up by 9.04% at 472.9 as soaring global prices kept demand for U.S. liquefied natural gas (LNG) exports strong.

      Futures prices in Europe soared over 17% for November and 18% for December to fresh record highs on worries several European countries do not have enough gas stored for the coming winter heating season.

      Prices in Asia also traded near record levels as China and other major LNG buyers compete for available cargoes to meet their insatiable demand for the super-cooled fuel.

      In the United States traders noted that prices were rising despite forecasts for U.S. weather to remain milder than normal through late October which should keep overall heating and cooling demand lower than usual.

      Of course some regions will see lingering air conditioning use while others will crank up their heaters. Data provider Refinitiv said gas output in the U.S. Lower 48 states rose to an average of 91.7 billion cubic feet per day (bcfd) so far in October from 91.1 bcfd in September.

      That compares with a monthly record of 95.4 bcfd in November 2019. U.S. gas demand including exports would slide from an average of 85.0 bcfd this week to 83.6 bcfd next week as the weather turns milder.

      Trading Ideas:

      --Natural Gas trading range for the day is 420.6-502.4.

      --Natural Gas jumped as soaring global prices kept demand for U.S. liquefied natural gas (LNG) exports strong.

      --Prices in Europe soared to fresh record highs on worries several European countries do not have enough gas stored for the coming winter heating season.

      --Prices in Asia also traded near record levels as China and other major LNG buyers compete for available cargoes to meet their insatiable demand.

      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

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