Natural gas MCX June contract opened flat at 216.7 per MMBTU vs. previous close of 216.7 made an intraday low at 213.7 and last traded at 215.7 down by one rupee after it made an intraday high of 217.6.
Natural gas future prices have risen by approximately 13 percent in last three trading weeks. Natural gas future prices are trading in a range of 165-220 from last few months. Natural gas future prices are likely to rise further on speculative buying and may touch 222-228 levels in near future.
Natural gas future prices face a resistance near 222 and 232. While its support levels are seen at 206 and 194.
Technically, range for Natural gas is from 165-235. 14 days RSI for MCX Natural gas June contract is at 66 levels which show that natural gas prices are trading sideways.
Showing posts with label Natural Gas Updates. Show all posts
Showing posts with label Natural Gas Updates. Show all posts
MCX Energy Outlook- Crude Oil and Natural gas Updates
Crude Oil-
Currently WTI Light sweet crude oil futures are trading above $101/ bbl with marginal gain in international market. As per US Energy department, crude oil inventory have increased, whereas in Cushing and Oklahoma delivery centre crude oil inventory have fallen by more than 150K barrels in the last week. Refiners have reduced their production capacity, which made petroleum products to decline in the last week. Most of the Asian equities are trading slightly positive trend, which might be supporting oil prices in international market. Euro-zone
and German PMI Numbers are likely to come unchanged from prior month, whereas US payrolls data are likely to come lower than prior month. Unrest in Yemen may boost oil prices further. Overall, we may expect oil futures to
trade on higher side throughout the day.
and German PMI Numbers are likely to come unchanged from prior month, whereas US payrolls data are likely to come lower than prior month. Unrest in Yemen may boost oil prices further. Overall, we may expect oil futures to
trade on higher side throughout the day.
Natural Gas-
Natural gas futures prices traded on a positive trend on yesterday session and closed with gain of more than three percent in international market. Similarly, June contract closed at Rs.215.40/ MMBTU by gaining
2.8 percent in MCX platform. Falling inventory level has supported gas futures to trade on higher side. As per EIA, natural gas storage level increased by 83 Bcf, lower than expectation and prior data. Currently, Gas futures prices are trading at $4.78 /MMBTU, with a marginal fall on prices in international market.
Lower inventory increase is likely to support gas prices to trade on higher side. Technically, we have given Buying for the day.
2.8 percent in MCX platform. Falling inventory level has supported gas futures to trade on higher side. As per EIA, natural gas storage level increased by 83 Bcf, lower than expectation and prior data. Currently, Gas futures prices are trading at $4.78 /MMBTU, with a marginal fall on prices in international market.
Lower inventory increase is likely to support gas prices to trade on higher side. Technically, we have given Buying for the day.
