Last Updated : 17 May 2013 at 18:15 IST
MCX Natural Gas bearish; support at 213 and 211 levels
Source :Commodity Online Editorial Research
The commodity has support at 213 & 211 while upper side prices have resistance at 219 and 221 levels for the day. Intra-day traders may sell near 218 with stop loss above 222 and can wait for the targets of 213 and 211 levels. MCX natural gas futures for May delivery was seen trading up by 0.37% at Rs.216.30 per mmBtu as of 04.54 PM IST on Friday.
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MUMBAI (Commodity Online): The trend in natural gas futures for May delivery on India's Multi Commodity Exchange (MCX) looks bearish and futures are expected to extend losses.
“The commodity has support at 213 & 211 while upper side prices have resistance at 219 and 221 levels for the day,” said Tarang Parmar, Research Analyst at Commodity Online.
“Intra-day traders may sell near 218 with stop loss above 222 and can wait for the targets of 213 and 211 levels,” he added.
MCX natural gas futures for May delivery was seen trading up by 0.37% at Rs.216.30 per mmBtu as of 04.54 PM IST on Friday.
US natural gas in storage was 1,964 Bcf as of Friday, May 10, 2013, according to EIA estimates.
This represents a net increase of 99 Bcf from the previous week. Stocks were 694 Bcf less than last year at this time and 83 Bcf below the 5-year average of 2,047 Bcf.
In the East Region, stocks were 105 Bcf below the 5-year average following net injections of 55 Bcf. Stocks in the Producing Region were 29 Bcf below the 5-year average of 825 Bcf after a net injection of 31 Bcf.
Stocks in the West Region were 51 Bcf above the 5-year average after a net addition of 13 Bcf. At 1,964 Bcf, total working gas is within the 5-year historical range.
Natural gas supply in the US has surged, driven by the successful deployment and continued refinement of two technologies, horizontal drilling and hydraulic fracturing.
“The surge of supply, however, has not been matched by demand, and prices have dropped to levels that displace coal in power generation. This dynamic will likely remain key to balancing the gas market in the foreseeable future. We expect prices to average $3.90 per MMBtu in 2013 and $4.10 in 2014,” stated London based Barclays in its recent market analysis.
NYMEX natural gas futures for June delivery was seen trading up by 0.22% at $3.941 per mmBtu as of 05.07 PM IST on Friday.
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