Naturalgas trading range for the day is 249.7-267.3

by - 3:45 pm

Natural gas on MCX settled down -2.14% at 256.20 retreated in yesterday's session as moderating weather forecasts had traders pulling back slightly from a strong rally despite a larger-than-expected withdrawal from stockpiles. Declined in pre-New Year holiday trade had been seen but prices are still held near a two-year high after data showed that natural gas supplies in storage in the U.S. fell much more than the five-year average for this time of year. The U.S. EIA said in its weekly report that natural gas storage in the U.S. declined by a whopping 237bcf in the week ended December 23, exceeding market expectations for a drop of 222bcf. 

Technically market is under long liquidation and getting support at 252.9 and below same could see a test of 249.7 level, And resistance is now likely to be seen at 261.7, a move above could see prices testing 267.3.


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