MCX Natural Gas April : Buy around 223 levels with a stop loss placed below 221 levels for targets of 226 levels.
Thursday, 28 March 2013
Natural Gas gains as weather forecasts point to a chilly start to April
Natural gas futures jumped up in afternoon trading on Wednesday, just
shy of 18-month highs hit earlier after weather models indicated the
temperatures in the first week of April will remain below normal.
On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD4.087 per million British thermal units, up 2.39%.
The commodity hit a session low of USD3.983 and a high of USD4.101.
Weather forecasting models that called for a chilly end to March extended their frigid forecasts to early April.
MDA Weather Services, for example, predicted below-normal temperatures to stick around over a large portion of the eastern half of the United States through April 10, which pushed up natural gas prices to near 18-month highs.
Markets were eagerly waiting official supply data due for release on Thursday, and hopes were high for more bullish supply data than in last week's report.
The U.S. Energy Information Administration said in its weekly report last week that natural gas storage in the U.S. in the week ended March 15 fell by 62 billion cubic feet, short of market expectations for a drop of 70 billion cubic feet.
Inventory withdrawals were flat in the same week a year earlier, while the five-year average change for the week is a decline of 26 billion cubic feet.
Total U.S. natural gas storage stood at 1.876 trillion cubic feet as of last week. Stocks were 502 billion cubic feet less than last year at this time and 162 billion cubic feet above the five-year average of 1.714 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 21 billion cubic feet above the five-year average, following net withdrawals of 47 billion cubic feet.
Stocks in the Producing Region were 63 billion cubic feet above the five-year average of 691 billion cubic feet after a net withdrawal of 15 billion cubic feet.
U.S. Elsewhere on the NYMEX, light sweet crude oil futures for delivery in May were up 0.21% and trading at USD96.54 a barrel, while heating oil futures for May delivery were up 1.17% at USD3.0340 per gallon.
On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD4.087 per million British thermal units, up 2.39%.
The commodity hit a session low of USD3.983 and a high of USD4.101.
Weather forecasting models that called for a chilly end to March extended their frigid forecasts to early April.
MDA Weather Services, for example, predicted below-normal temperatures to stick around over a large portion of the eastern half of the United States through April 10, which pushed up natural gas prices to near 18-month highs.
Markets were eagerly waiting official supply data due for release on Thursday, and hopes were high for more bullish supply data than in last week's report.
The U.S. Energy Information Administration said in its weekly report last week that natural gas storage in the U.S. in the week ended March 15 fell by 62 billion cubic feet, short of market expectations for a drop of 70 billion cubic feet.
Inventory withdrawals were flat in the same week a year earlier, while the five-year average change for the week is a decline of 26 billion cubic feet.
Total U.S. natural gas storage stood at 1.876 trillion cubic feet as of last week. Stocks were 502 billion cubic feet less than last year at this time and 162 billion cubic feet above the five-year average of 1.714 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 21 billion cubic feet above the five-year average, following net withdrawals of 47 billion cubic feet.
Stocks in the Producing Region were 63 billion cubic feet above the five-year average of 691 billion cubic feet after a net withdrawal of 15 billion cubic feet.
U.S. Elsewhere on the NYMEX, light sweet crude oil futures for delivery in May were up 0.21% and trading at USD96.54 a barrel, while heating oil futures for May delivery were up 1.17% at USD3.0340 per gallon.
Crude update
Crude prices are expected trade within the range from 5300 to Rs 5230. We may witness profit taking till Rs 5230 - Rs 5200.
Wednesday, 27 March 2013
Natural gas trend 28/03/2013
|
Trend updated
for-Mar/28/2013.CMP-223 The Naturalgas is in perfect uptrend
.Currently Naturalgas is in strong uptrend and the trend is
supported with good volume The open interest is not increasing
with trend .. The Naturalgas is now trading in highly overbought
level. The Naturalgas is now trading in highly overbought level.
The oscillator is showing SELL signal For short term Naturalgas is
in HOLD LONG position.Positionally Support for the
Naturalgas is 213-209-202-189-188-. Immediate resistance for
Naturalgas is 224
Currently Naturalgas is in HOLD LONG position
In short term Naturalgas is in strong up trend so hold with stop
at 215 The oscillator is showing BUY signal
Intraday Trend- Buy is advised above 227.5 with a stop at 220.1 Below 217.9 go for sell with a stop at 225.3 Intraday Resistance of NATURALGAS are 224.8/226.9/230.3/232.1/239.4/243.5/251.4/259.4 Intraday Support of NATURALGAS are 220.6/218.5/215.1/213.6/209.6/202.7/199/192/185.1 |
|
Tuesday, 26 March 2013
MCX Natural Gas may trade negative; support 208
Natural Gas futures for April delivery on India's Multi Commodity
Exchange (MCX) is expected to trade negative for the day and intra-day
traders are advised to sell on rise, according to our analyst.
“For intra-day, the commodity has good resistance at 220 while 208 is the support. Traders are advised to take sell position on rise around 217 with the stop loss of 220 and wait for the target near 213,” said Ankush Kumar Jain Research Analyst at Commodity Online.
Earlier, MCX natural gas futures for April delivery opened lower after a volatile Friday's trade and for the time being it is trading up by 0.28 percent at Rs.217.30 per mmBtu as of 06.14 PM IST on Monday.
Concerns over normal than colder US weather concerns are putting pressure on MCX natural gas movement.
Recently, natural gas prices have gone up significantly. The heating fuel is up almost 21 percent since falling close to a four-month low of USD3.125 per mn British thermal units on February 15.
The US natural gas storage stood at 1.876 trillion cubic feet as of last week, 21.5% against last year's storage.
Speculation on normal than colder weather is one among several reasons to go futures up.
NYMEX natural gas futures for 1.20 percent at $ 3.997 per mmBtu as of 07.07 PM IST on Monday.
“For intra-day, the commodity has good resistance at 220 while 208 is the support. Traders are advised to take sell position on rise around 217 with the stop loss of 220 and wait for the target near 213,” said Ankush Kumar Jain Research Analyst at Commodity Online.
Earlier, MCX natural gas futures for April delivery opened lower after a volatile Friday's trade and for the time being it is trading up by 0.28 percent at Rs.217.30 per mmBtu as of 06.14 PM IST on Monday.
Concerns over normal than colder US weather concerns are putting pressure on MCX natural gas movement.
Recently, natural gas prices have gone up significantly. The heating fuel is up almost 21 percent since falling close to a four-month low of USD3.125 per mn British thermal units on February 15.
The US natural gas storage stood at 1.876 trillion cubic feet as of last week, 21.5% against last year's storage.
Speculation on normal than colder weather is one among several reasons to go futures up.
NYMEX natural gas futures for 1.20 percent at $ 3.997 per mmBtu as of 07.07 PM IST on Monday.
Natural Gas news
Natural Gas: This morning, gas prices are trading at
$3.89/mmbtu with a marginal gain of 0.10% in the international market.
This might be a technical recovery on expectation of higher US gas.
Centrica Plc, the U.K.’s largest household energy supplier, signed a
20-year deal to import natural gas from the U.S., securing supplies as
production from British North Sea fields decline. However, as we proceed
for the day we expect gas prices to come under pressure as CNPC, have
started extracting gas from the 100 year old gas field in Peru.
According to MDA Weather services, the weather is expected to remain
normal for the coming 6-10 days in the US. This may not bring higher
demand for gas and continue to keep its prices under pressure. Overall,
we suggest remaining on selling side for the day in this commodity.
Monday, 25 March 2013
Natural gas trend 26/03/2013
Trend updated
for-Mar/26/2013.CMP-216 The Naturalgas is in perfect uptrend
.Currently Naturalgas is in strong uptrend and the trend is supported
with good volume The open interest is not increasing with trend .
Cautious point is buying at higer levels seems decreasing. The
Naturalgas is now trading in highly overbought level. The Naturalgas
is now trading in highly overbought level. The oscillator is showing
SELL signal For short term Naturalgas is in HOLD LONG
position.Positionally Support for the Naturalgas is
212-207-200-189-187-. Immediate resistance for Naturalgas is 220
Currently Naturalgas is in HOLD LONG position
Naturalgas is moving sideways so short term investor better to buy
only above 218.9 with stop at 211.3 The oscillator is showing SELL
signal
Intraday Trend- Buy is advised above 220.1 with a stop at 213.3 Below 211.3 go for sell
Intraday Resistance of NATURALGAS are 217.7/219.4/223.4/227.6/234.8/238.9/246.7/254.6
Intraday Support of NATURALGAS are 213.7/212/209.3/205.2/198.5/194.8/187.9/181.1
Natural gas futures - Weekly outlook: March 25 - 29
Natural gas futures ended Friday’s session little
changed below the previous session’s 18-month high, as market players
were hesitant to extend a recent rally amid bearish chart signals.
On the New York Mercantile Exchange, natural gas futures for delivery in April eased up 0.15% Friday to settle at USD3.933 per million British thermal units by close of trade.
On Thursday, Nymex gas prices rose to USD4.021 per million British thermal units, the strongest level since September 15, 2011, before turning lower as a bout of technical selling set in after prices were met with strong resistance above the USD4.00-level.
On the week, natural gas prices rallied 1.85%, the fifth consecutive weekly advance.
Natural gas prices have risen sharply in recent weeks. The heating fuel is up almost 21% since falling close to a four-month low of USD3.125 per million British thermal units on February 15, boosted by calls for colder temperatures in major consuming regions across the U.S.
Natural gas prices have closely tracked shifting weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on late-winter heating demand.
On Thursday, natural gas futures broke above the key USD4.00-per-million-British-thermal-units for the first time in 18 months after a U.S. government report showed natural gas supplies fell more than the five-year average last week.
The U.S. Energy Information Administration said that natural gas storage in the U.S. in the week ended March 15 fell by 62 billion cubic feet.
Inventory withdrawals were flat in the same week a year earlier, while the five-year average change for the week is a decline of 26 billion cubic feet.
Total U.S. natural gas storage stood at 1.876 trillion cubic feet as of last week, 21.5% below their level this time last year, but still 9.5% above the five-year average.
Early withdrawal estimates for this week’s storage data range from 59 billion cubic feet to 94 billion cubic feet.
Inventories rose by 45 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a buildup of 6 billion cubic feet.
Sentiment on the heating fuel remained upbeat after updated weather forecasts continued to call for below-normal readings for most of the Eastern half of the U.S. in the next six-to-ten days.
Bullish speculators are betting on the cool weather increasing late-winter demand for the heating fuel.
The heating season from November through March is the peak demand period for U.S. gas consumption. Nearly 50% of all U.S. households use gas for heating.
Elsewhere in the energy complex, light sweet crude oil futures for May delivery settled at USD93.86 a barrel by close of trade on Friday, adding 0.3% on the week.
On the New York Mercantile Exchange, natural gas futures for delivery in April eased up 0.15% Friday to settle at USD3.933 per million British thermal units by close of trade.
On Thursday, Nymex gas prices rose to USD4.021 per million British thermal units, the strongest level since September 15, 2011, before turning lower as a bout of technical selling set in after prices were met with strong resistance above the USD4.00-level.
On the week, natural gas prices rallied 1.85%, the fifth consecutive weekly advance.
Natural gas prices have risen sharply in recent weeks. The heating fuel is up almost 21% since falling close to a four-month low of USD3.125 per million British thermal units on February 15, boosted by calls for colder temperatures in major consuming regions across the U.S.
Natural gas prices have closely tracked shifting weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on late-winter heating demand.
On Thursday, natural gas futures broke above the key USD4.00-per-million-British-thermal-units for the first time in 18 months after a U.S. government report showed natural gas supplies fell more than the five-year average last week.
The U.S. Energy Information Administration said that natural gas storage in the U.S. in the week ended March 15 fell by 62 billion cubic feet.
Inventory withdrawals were flat in the same week a year earlier, while the five-year average change for the week is a decline of 26 billion cubic feet.
Total U.S. natural gas storage stood at 1.876 trillion cubic feet as of last week, 21.5% below their level this time last year, but still 9.5% above the five-year average.
Early withdrawal estimates for this week’s storage data range from 59 billion cubic feet to 94 billion cubic feet.
Inventories rose by 45 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a buildup of 6 billion cubic feet.
Sentiment on the heating fuel remained upbeat after updated weather forecasts continued to call for below-normal readings for most of the Eastern half of the U.S. in the next six-to-ten days.
Bullish speculators are betting on the cool weather increasing late-winter demand for the heating fuel.
The heating season from November through March is the peak demand period for U.S. gas consumption. Nearly 50% of all U.S. households use gas for heating.
Elsewhere in the energy complex, light sweet crude oil futures for May delivery settled at USD93.86 a barrel by close of trade on Friday, adding 0.3% on the week.
Natural Gas news 25/03/2013
MCX Natural Gas has formed a bullish head and shoulders
pattern and the breakout of the same will be confirmed above 219
levels, hence, the positional traders can initiate longs above 219 for
the upside targets of 232 and 242 on immediate basis. However, till it
doesn’t surpass the swing high of 219 there is a probability that it
retraces some of it gains and falls back to 208 to 195 levels. Hence,
one needs to be cautious right now on long side. Any fresh positions on
long side from hereon should be above Rs 219 levels only.
Saturday, 23 March 2013
Natural gas trend 25/03/2013
Trend updated
for-Mar/25/2013.CMP-214 The Naturalgas is in perfect uptrend
.Currently Naturalgas is in strong uptrend and the trend is supported
with good volume The open interest is not increasing with trend ..
The Naturalgas is now trading in highly overbought level. The
Naturalgas is now trading in highly overbought level. The oscillator
is showing SELL signal For short term The current position is BUY
.Positionally Support for the Naturalgas is
208-204-197-189-188-186-. Immediate resistance for Naturalgas is 220
Currently Naturalgas is in HOLD LONG position
In short term Naturalgas is in strong up trend so hold with stop at
212 The Naturalgas is now trading is approaching overbought level.
The oscillator is on SELL signal and Naturalgas is coming down from
overbought leve
Intraday Trend- Buy is advised above 218.2
with a stop at 211.4 Below 209.5 go for sell with stop at
216.2
Intraday Resistance of NATURALGAS are 215.1/216.5/218.7/221.9/226.1/233.3/237.4/245.1/253
Intraday Support of NATURALGAS are 212.5/211.1/208.9/203.8/197.1/193.4/186.5/179.8
Intraday Resistance of NATURALGAS are 215.1/216.5/218.7/221.9/226.1/233.3/237.4/245.1/253
Intraday Support of NATURALGAS are 212.5/211.1/208.9/203.8/197.1/193.4/186.5/179.8
Thursday, 21 March 2013
Natural gas trend
Trend updated
for-Mar/22/2013.CMP-214 The Naturalgas is in perfect uptrend
.Currently Naturalgas is in strong uptrend and the trend is supported
with good volume The open interest is not increasing with trend ..
The Naturalgas is now trading in overbought level. The Naturalgas is
now trading in overbought level. The oscillator is showing SELL
signal For short term The current position is BUY .Positionally
Support for the Naturalgas is 207-203-196-189-187-186-. Immediate
resistance for Naturalgas is 220
Currently Naturalgas is in HOLD LONG position
In short term Naturalgas is in strong up trend so hold with stop at
211 The Naturalgas is now trading is approaching overbought level.
The oscillator is showing SELL signal
Intraday Trend- Buy is advised above 218.9 with a stop at 212.1 Below 210.1 go for sell with stop at 216.9
Intraday Resistance of NATURALGAS are 216.5/218.4/221.7/226.4/233.6/237.6/245.4/253.3
Intraday Support of NATURALGAS are 212.5/210.6/207.3/204.1/197.3/193.6/186.7/180
Wednesday, 20 March 2013
Buy around 212 with SL 209 for the target of 217 & 220.
MCX Natural Gas March contract is looking positive the day. Market may
find support near 212 & 209 intraday resistance can be seen near 217
& 220. Day traders are advised to buy intraday on dips. (Buy around
212 with SL 209 for the target of 217 & 220.)
Natural gas news
Trend updated
for-Mar/21/2013.CMP-215 The Naturalgas is in perfect uptrend
.Currently Naturalgas is in strong uptrend and the trend is supported
with good volume The open interest is not increasing with trend ..
The Naturalgas is now trading in overbought level. The Naturalgas is
now trading in overbought level. The oscillator is showing SELL
signal For short term Naturalgas is in HOLD LONG
position.Positionally Support for the Naturalgas is
205-202-195-189-187-186-. Immediate resistance for Naturalgas is 218
Currently Naturalgas is in HOLD LONG position
In short term Naturalgas is in strong up trend so hold with stop at
210 The Naturalgas is now trading in highly overbought level. The
oscillator is showing BUY signal
Intraday Trend- Buy is advised above 219.4 with a stop at 212.9 Below 211 go for sell with stop at 217.5
Intraday Resistance of NATURALGAS are 216.7/218.1/220.6/225.6/232.8/236.9/244.6/252.5
Intraday Support of NATURALGAS are 213.7/212.3/209.8/207.4/203.4/196.7/193/186.1/179.3
Natural gas trend
MCX Natural Gas March contract is looking positive the
day. Market may find support near 214 & 211 intraday resistance can
be seen near 218 & 221. Day traders are advised to buy intraday on
dips. (Buy around 214 with SL 211 for the target of 218 & 221.)
Natural Gas News
Geojit Comtrade has come out with its technical report on Gold, Silver,
Crude, Natural Gas, Copper, Nickel, Lead, Zinc and Aluminium. According
to the research firm, one can sell MCX Natural Gas March around Rs 215
levels with a stop loss above Rs 217 levels for a target of Rs 210
levels.
Technical Updates:
MCX Gold April : Buy around 29750 levels with a stop loss placed below 29650 levels for targets of 29900 levelsv.
MCX Silver May : Buy around 54500 levels with a stop loss placed below 54200 levels for targets of 55200 levels.
MCX Crude April : Buy around 5080 levels with a stop loss placed below 5050 levels for targets of 5130 levels.
MCX Natural Gas March : Sell around 215 levels with a stop loss placed above 217 levels for targets of 210 levels.
MCX Copper April : Buy around 416 levels with a stop loss placed below 413 levels for targets of 420 levels.
MCX Nickel March : Buy around 910 levels with a stop loss placed below 895 levels for targets of 930 levels.
MCX Lead March : Buy around 117.50 levels with a stop loss placed below 116.50 levels for targets of 119 levels.
MCX Zinc March : Buy around 103.50 levels with a stop loss placed below 102.50 levels for targets of 105.50 levels.
MCX Aluminium March : Buy around 107.50 levels with a stop loss placed below 106.50 levels for targets of 109 levels(http://www.moneycontrol.com/news/brokerage-recos-commodities/sell-mcx-natural-gas-mar-around-rs-215-tgt-rs-210-geojit_840943.html)
Technical Updates:
MCX Gold April : Buy around 29750 levels with a stop loss placed below 29650 levels for targets of 29900 levelsv.
MCX Silver May : Buy around 54500 levels with a stop loss placed below 54200 levels for targets of 55200 levels.
MCX Crude April : Buy around 5080 levels with a stop loss placed below 5050 levels for targets of 5130 levels.
MCX Natural Gas March : Sell around 215 levels with a stop loss placed above 217 levels for targets of 210 levels.
MCX Copper April : Buy around 416 levels with a stop loss placed below 413 levels for targets of 420 levels.
MCX Nickel March : Buy around 910 levels with a stop loss placed below 895 levels for targets of 930 levels.
MCX Lead March : Buy around 117.50 levels with a stop loss placed below 116.50 levels for targets of 119 levels.
MCX Zinc March : Buy around 103.50 levels with a stop loss placed below 102.50 levels for targets of 105.50 levels.
MCX Aluminium March : Buy around 107.50 levels with a stop loss placed below 106.50 levels for targets of 109 levels(http://www.moneycontrol.com/news/brokerage-recos-commodities/sell-mcx-natural-gas-mar-around-rs-215-tgt-rs-210-geojit_840943.html)
Tuesday, 19 March 2013
Natural Gas trend 20/03/2013
Trend updated for-Mar/20/2013.CMP-216 The
Naturalgas is in perfect uptrend .Currently Naturalgas is in strong
uptrend and the trend is supported with good volume The open interest
is not increasing with trend . In last few days lot of positive
accumulation happened in the Naturalgas. The Naturalgas is now
trading in overbought level. The Naturalgas is now trading in
overbought level. The oscillator is showing SELL signal For short
term The current position is BUY .Positionally Support for the
Naturalgas is 203-200-193-189-187-185-. Immediate resistance for
Naturalgas is 218
Currently Naturalgas is in HOLD LONG position
In short term Naturalgas is in strong up trend so hold with stop at
210 The Naturalgas is now trading in highly overbought level. The
oscillator is showing BUY signal
Intraday Trend- Buy is advised above 220.5 with a stop at 214 Below 212.1 go for sell with a stop at 218.6
Intraday Resistance of NATURALGAS are 218.2/220.1/223.2/225.7/232.9/237/244.8/252.6
Intraday Support of NATURALGAS are 214.4/212.5/209.4/207.5/203.5/196.7/193.1/186.2/179.4
Monday, 18 March 2013
Naturalgas news
Trend updated for-Mar/19/2013.CMP-212 The Naturalgas
is in perfect uptrend .Currently Naturalgas is in strong uptrend and
the trend is supported with good volume The open interest is not
increasing with trend . In last few days lot of positive accumulation
happened in the Naturalgas. The Naturalgas is now trading in
overbought level. The Naturalgas is now trading in overbought level.
The oscillator is showing SELL signal For short term Naturalgas is in
HOLD LONG position.Positionally Support for the Naturalgas is
201-199-191-189-186-185-. Immediate resistance for Naturalgas is 216
Natural gas futures - Weekly outlook: March 18 - 22
Natural gas futures ended Friday’s session at a 15-week high, as a
bigger-than-expected drop in U.S. supplies and forecasts showing colder
weather in the upcoming week boosted near-term demand expectations for
the heating fuel.
Natural gas prices have closely tracked shifting weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on late-winter heating demand.
On the New York Mercantile Exchange, natural gas futures for delivery in April jumped 1.25% Friday to settle at USD3.860 per million British thermal units by close of trade.
Earlier in the day, Nymex gas prices rose to a session high of USD3.924 per million British thermal units, the strongest level since November 26.
On the week, natural gas prices rallied 6.1%, the fourth consecutive weekly advance.
Natural gas prices have risen sharply in recent weeks. The heating fuel has surged nearly 19% since falling close to a four-month low of USD3.125 per million British thermal units on February 15, boosted by calls for colder temperatures in major consuming regions across the U.S.
Sentiment on the heating fuel remained upbeat after updated weather forecasts continued to call for below-normal readings for most of the Eastern half of the U.S. in the next six-to-ten days.
Bullish speculators are betting on the cool weather increasing late-winter demand for the heating fuel.
The heating season from November through March is the peak demand period for U.S. gas consumption. Nearly 50% of all U.S. households use gas for heating.
Meanwhile, Thursday's larger-than-expected drawdown from winter inventories also kept momentum to the upside.
The U.S. Energy Information Administration said that natural gas storage in the U.S. in the week ended March 8 fell by 145 billion cubic feet, compared to expectations for a drop of 134 billion cubic feet.
Inventories fell by 66 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 74 billion cubic feet.
Total U.S. natural gas storage stood at 1.938 trillion cubic feet as of last week, 18.5% below their level this time last year, but still 11.4% above the five-year average.
Early withdrawal estimates for this week’s storage data range from 48 billion cubic feet to 73 billion cubic feet. (Investing.com)
Inventories withdrawals were flat in the same week a year earlier, while the five-year average change for the week is a decline of 26 billion cubic feet.
Elsewhere in the energy complex, light sweet crude oil futures for April delivery settled at USD93.58 a barrel by close of trade on Friday, adding 1.85% on the week.
Meanwhile, heating oil for April delivery shed 0.85% over the week to settle at USD2.947 per gallon by close of trade Friday.
Natural gas prices have closely tracked shifting weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on late-winter heating demand.
On the New York Mercantile Exchange, natural gas futures for delivery in April jumped 1.25% Friday to settle at USD3.860 per million British thermal units by close of trade.
Earlier in the day, Nymex gas prices rose to a session high of USD3.924 per million British thermal units, the strongest level since November 26.
On the week, natural gas prices rallied 6.1%, the fourth consecutive weekly advance.
Natural gas prices have risen sharply in recent weeks. The heating fuel has surged nearly 19% since falling close to a four-month low of USD3.125 per million British thermal units on February 15, boosted by calls for colder temperatures in major consuming regions across the U.S.
Sentiment on the heating fuel remained upbeat after updated weather forecasts continued to call for below-normal readings for most of the Eastern half of the U.S. in the next six-to-ten days.
Bullish speculators are betting on the cool weather increasing late-winter demand for the heating fuel.
The heating season from November through March is the peak demand period for U.S. gas consumption. Nearly 50% of all U.S. households use gas for heating.
Meanwhile, Thursday's larger-than-expected drawdown from winter inventories also kept momentum to the upside.
The U.S. Energy Information Administration said that natural gas storage in the U.S. in the week ended March 8 fell by 145 billion cubic feet, compared to expectations for a drop of 134 billion cubic feet.
Inventories fell by 66 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 74 billion cubic feet.
Total U.S. natural gas storage stood at 1.938 trillion cubic feet as of last week, 18.5% below their level this time last year, but still 11.4% above the five-year average.
Early withdrawal estimates for this week’s storage data range from 48 billion cubic feet to 73 billion cubic feet. (Investing.com)
Inventories withdrawals were flat in the same week a year earlier, while the five-year average change for the week is a decline of 26 billion cubic feet.
Elsewhere in the energy complex, light sweet crude oil futures for April delivery settled at USD93.58 a barrel by close of trade on Friday, adding 1.85% on the week.
Meanwhile, heating oil for April delivery shed 0.85% over the week to settle at USD2.947 per gallon by close of trade Friday.
Natural gas news
Trend updated
for-Mar/18/2013.CMP-209 The Naturalgas is in perfect uptrend
.Currently Naturalgas is in strong uptrend and the trend is supported
with good volume The open interest is not increasing with trend . In
last few days lot of positive accumulation happened in the Naturalgas
Cautious point is buying at higer levels seems decreasing. The
Naturalgas is now trading in overbought level. The Naturalgas is now
trading in overbought level. The oscillator is showing SELL signal
For short term Naturalgas is in HOLD LONG position.Positionally
Support for the Naturalgas is 199-197-190-189-185-184-. Immediate
resistance for Naturalgas is 213
Currently Naturalgas is in HOLD LONG position In short term Naturalgas is in strong up trend so hold with stop at 205 The Naturalgas is now trading in highly overbought level. The oscillator is showing SELL signal
Intraday Trend- Buy is
advised above 213.1 with a stop at 207 Below 205.3 go for sell with a
stop at 211.4
Intraday Resistance of NATURALGAS are 209.6/210/216.1/220.3/227.4/231.4/239.1/246.8
Intraday Support of NATURALGAS are 208.8/208.4/202.2/198.3/191.6/188/181.2/174.5
Intraday Resistance of NATURALGAS are 209.6/210/216.1/220.3/227.4/231.4/239.1/246.8
Intraday Support of NATURALGAS are 208.8/208.4/202.2/198.3/191.6/188/181.2/174.5
Friday, 15 March 2013
Natural Gas news
MCX Natural Gas March contract is looking positive the
day. Market may find support near 203 & 200 intraday resistance can
be seen near 207 & 210. Day traders are advised to buy intraday on
dips. (Buy around 203 with SL 200 for the target of 207 & 210.)
Friday, 8 March 2013
Natural Gas news
Natural gas futures surged to a 6-week high earlier Thursday after
official data revealed supplies fell more than expected last week.
On the New York Mercantile Exchange, natural gas futures for delivery in April traded at USD3.580 per million British thermal units, up 3.18%.
The commodity hit a session low of USD3.463 and a high of USD3.602.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ending March 1 fell by 146 billion cubic feet, well beyond market expectations for a drop of 134 billion cubic feet.
Inventories fell by 92 billion cubic feet in the same week a year earlier, while the five-year average change for the week represented a decline of 107 billion cubic feet.
Total U.S. natural gas storage stood at 2.083 trillion cubic feet as of last week. Stocks were 361 billion cubic feet less than last year at this time and 269 billion cubic feet above the five-year average of 1.814 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 73 billion cubic feet above the five-year average, following net withdrawals of 77 billion cubic feet.
Stocks in the Producing Region were 123 billion cubic feet above the five-year average of 694 billion cubic feet after a net withdrawal of 58 billion cubic feet.
Chilly weather forecasts pushed up prices as well.
While the spring for the Northern Hemisphere may be less than 2 weeks away, weather forecasting models continued to call for cold temperatures to stick around in the eastern half of the country, which added to the rally.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in April were up 1.17% and trading at USD91.49 a barrel, while heating oil for April delivery were down 0.02% and trading at USD2.9749 per gallon
On the New York Mercantile Exchange, natural gas futures for delivery in April traded at USD3.580 per million British thermal units, up 3.18%.
The commodity hit a session low of USD3.463 and a high of USD3.602.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ending March 1 fell by 146 billion cubic feet, well beyond market expectations for a drop of 134 billion cubic feet.
Inventories fell by 92 billion cubic feet in the same week a year earlier, while the five-year average change for the week represented a decline of 107 billion cubic feet.
Total U.S. natural gas storage stood at 2.083 trillion cubic feet as of last week. Stocks were 361 billion cubic feet less than last year at this time and 269 billion cubic feet above the five-year average of 1.814 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 73 billion cubic feet above the five-year average, following net withdrawals of 77 billion cubic feet.
Stocks in the Producing Region were 123 billion cubic feet above the five-year average of 694 billion cubic feet after a net withdrawal of 58 billion cubic feet.
Chilly weather forecasts pushed up prices as well.
While the spring for the Northern Hemisphere may be less than 2 weeks away, weather forecasting models continued to call for cold temperatures to stick around in the eastern half of the country, which added to the rally.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in April were up 1.17% and trading at USD91.49 a barrel, while heating oil for April delivery were down 0.02% and trading at USD2.9749 per gallon
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