Ripples Advisory Natural Gas News Update
Natural gas settled down by -0.16% at 247.7 as prices retreated as recent higher prices and heavy stockpiles encouraged traders to cash out of a recent rally. However, stockpiles are still at record highs for this time of year, which is causing the recent rally to stall now that prices have hit such highs. Coal may be becoming a cheaper alternative for power plants with gas at these prices. Last week’s drain from storage could turn out to be nearly 20% below averages for this time of year. Recent weather forecasts still show below-average temperatures spreading across most of the country.
Technically market is under long liquidation as market has witnessed drop in open interest by -3.5% to settled at 5760 while prices down -0.4 rupee, now Natural gas is getting support at 242.8 and below same could see a test of 237.9 level, And resistance is now likely to be seen at 252.9, a move above could see prices testing 258.1.
0 comments
Note: only a member of this blog may post a comment.