August 20, 2017

MTECHTIPS;- MCX Natural Gas: Major support levels expected at Rs.180 and Rs.178

 

 

MCX natural gas for January delivery may find major support at Rs.180 and Rs.178 where as immediate resistance is there at Rs 188 above which it faces resistance of Rs.192 for near term. For intra-day, natural gas trend is looking sideways to negative.Natural gas for delivery on January 28, 2013 on MCX was seen trading at Rs.185.80 as of 4.36 PM IST, a loss of 1.54%. Natural gas for delivery on February 13, 2013 on the NYMEX was seen trading at $3.355, a loss of 0.68% as of 04.53 PM IST. Natural gas prices rallied on Thursday morning last week after a larger-than-expected storage withdrawal on the international markets.For the week in reference, storage withdrew 82 Bcf, about 7 Bcf larger than the consensus of a 75 Bcf withdrawal. This indicates that underlying market fundamentals were tighter than last year at the same time, as even though the week in reference was about 19% warmer than last year, but withdrawals were 3 Bcf bigger y/y; Barclays said in recent a report. Slowing production growth and lower net imports have helped the market to tighten somewhat, while power demand remains relatively well-supported by a y/y nuclear generation shortfall, which has fallen w/w but remains quite high, that has offset most of the y/y decline in coal displacement. Going forward,

 

 

 

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