Naturalgas on MCX settled down -1.67% at 200.60 on profit booking after trades booked there long positions as Natural gas prices rose to a recent high on Tuesday and Wednesday on forecasts for continued warm weather and higher demand for natural gas through the end of this month. But summer’s high temperatures are pretty much behind now and more gas is likely to be headed for storage. 

The concern is that natural gas could threaten the country’s physical storage limit of around 4.3 trillion cubic feet by the time the winter heating season begins. Meanwhile yesterday the US EIA reported that U.S. natural gas stocks increased by 52bcf for the week ending September 16.

                            Trading Ideas 

1. Naturalgas trading range for the day is 195.2-209.2.        

2. Naturalgas dropped on on profit booking after trades booked there long positions after recent high.   

3. EIA recorded an increase of 52bcf, lower than both the expected increase of 59bcf and the 62bcf gain the previous week.             

     

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