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    MCX Natural Gas under long liquidation Resistance seen at 437.7


    October 8, 2021 - Commodity Online

     

      India, Oct. 8 -- Technically Natural Gas market is under long liquidation as market has witnessed drop in open interest by 12. 18% to settled at 4312 while prices down 6.9 rupees.

      Now MCX Natural Gas is getting support at 407 and below same could see a test of 389.9 levels and resistance is now likely to be seen at 437.7 a move above could see prices testing 451.3.

      Natural Gas yesterday settled down by 1.6% at 424 as global prices slid from record highs and U.S. utilities added more gas to storage than usual for a fourth week in a row.

      Big storage injections and rising U.S. output in recent weeks have convinced many in the market that the United States will have more than enough gas in inventory for the upcoming winter heating season.

      The U.S. Energy Information Administration said U.S. utilities added 118 billion cubic feet (bcf) of gas into storage during the week ended Oct. 1. Russian President Vladimir Putin promised that the gas-rich nation would send more natural gas to Europe.

      But Putin said Russia could send more gas to Europe via Ukraine even more than contracted and are set to hit a record this year. Data provider Refinitiv said gas output in the U.S. Lower 48 states rose to an average of 91.9 billion cubic feet per day (bcfd) so far in October from 91.1 bcfd in September.

      Data provider Refinitiv said the amount of gas flowing to U.S. LNG export plants slipped from an average of 10.4 bcfd in September to 9.9 bcfd so far in October with short-term upsets at a few Gulf Coast plants and ongoing planned maintenance at Berkshire Hathaway Energy's Cove Point LNG export plant in Maryland.

      Trading Ideas:

      --Natural Gas trading range for the day is 389.9-451.3.

      --Natural Gas slipped as global prices slid from record highs and U.S. utilities added more gas to storage than usual for a fourth week in a row.

      --Russian President Vladimir Putin promised that the gas-rich nation would send more natural gas to Europe.

      --The U.S. Energy Information Administration said U.S. utilities added 118 billion cubic feet (bcf) of gas into storage during the week ended Oct. 1.

      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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