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    MCX Natural Gas under short covering Resistance seen at 375


    November 16, 2021 - Commodity Online

     

      India, Nov. 16 -- Technically Natural Gas market is under short covering as market has witnessed drop in open interest by 13. 25% to settled at 6169 while prices up 6.9 rupees.

      Now MCX Natural Gas is getting support at 356 and below same could see a test of 344.3 levels and resistance is now likely to be seen at 375 a move above could see prices testing 382.3.

      Natural Gas yesterday settled up by 1.91% at 367.6 on forecasts for colder weather and higher heating demand over the next two weeks than previously expected.

      Traders said U.S. prices also gained some support from a 7% rise in European gas prices on worries about supplies from Russia.Russian gas flows through a key pipeline to Germany rose with no sign that Belarus's president had acted on his threat to cut off supplies to the European Union as winter approaches.

      Data provider Refinitiv said output in the U.S. Lower 48 states averaged 96.1 billion cubic feet per day (bcfd) so far in November up from 94.1 bcfd in October and a monthly record of 95.4 bcfd in November 2019.

      Refinitiv projected average U.S. gas demand including exports would jump from 105.1 bcfd this week to 112.0 bcfd next week as the weather turns colder and homes and businesses crank up their heaters.

      Those forecasts were higher than Refinitiv projected on Friday. U.S. exports to Canada averaged 3.0 bcfd so far in November up from 2.1 bcfd in October according to Refinitiv data. That compares with an all-time monthly high of 3.5 bcfd in December 2019.

      Trading Ideas:

      --Natural Gas trading range for the day is 344.3-382.3.

      --Natural Gas edged up on forecasts for colder weather and higher heating demand over the next two weeks than previously expected.

      --Prices also gained some support from a 7% rise in European gas prices on worries about supplies from Russia.

      --Data provider Refinitiv said output in the U.S. Lower 48 states averaged 96.1 billion cubic feet per day (bcfd) so far in November.

      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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