AHMEDABAD (Commodity Online): Natural Gas Prices at MCX climbed more than 5 percent in yesterday session after the government said the nation’s supplies shrank last week.
Gas supplies dropped by 132 billion cubic feet last week, according to the Energy Information Administration. The decline was more than analysts expected, but the overall storage level of 2.97 trillion cubic feet remains well above five-year levels for this time of year.
Currently Natural Gas February contract trading at Rs 123.60, down by 0.56 percent by 16:36 IST. It touched an intra-day high of Rs 126.10.
Natural Gas prices expected to trade positive in today's session as forecasts that temperatures across much of the U.S. will drop next week, adding to demand for gas-fired heating. Technically Natural Gas February contract having good support at Rs 118 and Resistance at Rs 128, says Ankush Kumar Jain, Analyst with Commodity Online.
Intra-day traders advise to buy Natural Gas February contract around Rs 121 with stop loss of Rs 118 for target near Rs 125 and 128,added Jain.
To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com
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