Naturalgas News Update By Ripples Advisory

by - 5:39 pm

http://www.ripplesadvisory.comNaturalgas on MCX settled up 0.93% at 228.9 as prices seen supported after data showed that natural gas supplies in storage in the U.S. fell more than expected last week. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 119 billion cubic feet in the week ended January 20, exceeding market expectations for a drop of 117 billion cubic feet. That compared with a withdrawal of 243 billion cubic feet in the preceding week, 211 billion a year earlier and a five-year average drop of 176 billion cubic feet. 


Natural gas markets have been volatile in recent weeks, changing course rapidly in response to shifting outlooks in short-term weather patterns. Technically market is under fresh buying as market has witnessed gain in open interest by 46.46% to settled at 4060 while prices up 2.1 rupees, now Naturalgas is getting support at 224.3 and below same could see a test of 219.8 level, And resistance is now likely to be seen at 231.8, a move above could see prices testing 234.8. 

 Trading Ideas
  • Naturalgas trading range for the day is 219.8-234.8.
  • Natural gas gained as prices seen supported after data showed that natural gas supplies in storage in the U.S. fell more than expected last week.  
  • The US EIA said in its weekly report that natural gas storage in the U.S. declined by 119 billion cubic feet in the week ended January 20.

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