Naturalgas Trading Range For The Day Is 221.4-236

Natural gas settled down by -0.87% at 228.1 reversing earlier gains, as investors took a breather from a six-day rally and awaited further clues to demand trends this winter. Expectations for cold weather have pushed natural gas prices higher in recent weeks, since the commodity is used to heat homes and buildings and sees an uptick in consumption when temperatures fall. However, record-high inventories remain a challenge for natural gas prices. Last week, the U.S. Energy Information Administration reported natural-gas stockpiles declined 2 billion cubic feet, marking the first withdrawal of the winter season. 

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                         Technically market is under long liquidation as market has witnessed drop in open interest by -1.49% to settled at 4553 while prices down -2 rupee, now Naturalgas is getting support at 224.8 and below same could see a test of 221.4 level, And resistance is now likely to be seen at 232.3, a move above could see prices testing 236.4.

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