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    MCX Natural Gas under fresh selling Resistance seen at 321.9


    December 3, 2021 - Commodity Online

     

      India, Dec. 3 -- Technically Natural Gas market is under fresh selling as market has witnessed gain in open interest by 8. 38% to settled at 8250 while prices down 11.1 rupees.

      Now MCX Natural Gas is getting support at 302.1 and below same could see a test of 294.5 levels and resistance is now likely to be seen at 321.9 a move above could see prices testing 334.1.

      Natural Gas yesterday settled down by 3.46% at 309.7 amid forecasts for milder weather and less heating demand over the next two weeks than previously expected an easing of gas prices overseas and a small decline in liquefied natural gas (LNG) exports.

      However downside seen limited with a small decline in output and a slightly bigger-than-expected storage withdrawal during last week's colder than normal weather. The U.S. Energy Information Administration (EIA) said utilities pulled 59 billion cubic feet (bcf) of gas from storage during the week ended Nov. 26.

      In recent months global gas prices hit record highs as utilities around the world scrambled for LNG cargoes to replenish extremely low stockpiles in Europe and meet insatiable demand in Asia where energy shortfalls have caused power blackouts in China.

      Following those global gas prices U.S. futures jumped to a 12-year high in early October but have since pulled back because the United States has plenty of gas in storage and ample production for the winter.

      Overseas prices were trading about seven times higher than U.S. futures. Data provider Refinitiv said output in the U.S. Lower 48 states averaged 95.8 billion cubic feet per day (bcfd) so far in December down from a monthly record of 96.5 bcfd in November.

      Trading Ideas:

      --Natural Gas trading range for the day is 294.5-334.1.

      --Natural Gas dropped amid forecasts for milder weather and less heating demand over the next two weeks than previously expected.

      --However downside seen limited with a small decline in output and a slightly bigger-than-expected storage withdrawal during last week's colder than normal weather.

      --The U.S. Energy Information Administration (EIA) said utilities pulled 59 billion cubic feet (bcf) of gas from storage during the week ended Nov. 26.

      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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