Naturalgas settled down -2.26% at 286 after data showed that U.S. natural gas supplies rose more than expected last week. A late-season cool snap that trekked across the U.S. in late April failed to make a dent in the nation's inventories as markets were expecting.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ending April 25 rose by 82 billion cubic feet, well above forecasts for an increase of 75 billion cubic feet. Total U.S. natural gas storage stood at 981 billion cubic feet.
Stocks were 790 billion cubic feet less than last year at this time and 984 billion cubic feet below the five-year average of 1.965 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 466 billion cubic feet below the five-year average, following net injections of 34 billion cubic feet. Stocks in the Producing Region were 396 billion cubic feet below the five-year average of 824 billion cubic feet after a net injection of 35 billion cubic feet.
Meanwhile, updated weather forecasting models continued to call for slightly cooler than normal temperatures over the next 15 days. Spring and fall see the weakest demand for natural gas in the U.S, as the absence of extreme temperatures curbs demand for heating and air conditioning.
Technically market is under long liquidation as market has witnessed drop in open interest by -12.39% to settled at 7650 while prices down -6.6 rupee, now Naturalgas is getting support at 282.7 and below same could see a test of 279.4 level, and resistance is now likely to be seen at 290.6, a move above could see prices testing 295.2.
Trading Ideas:
--Naturalgas trading range for the day is 279.4-295.2.
--Naturalgas dropped after data showed that U.S. natural gas supplies rose more than expected last week.
--The U.S. EIA said in its weekly report that natural gas storage in the U.S. rose by 82 billion cubic feet.
--A late-season cool snap that trekked across the U.S. in late April failed to make a dent in the nation's inventories as markets were expecting.
www.punjiniveshonline.com
www.punjiniveshonline.com
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ending April 25 rose by 82 billion cubic feet, well above forecasts for an increase of 75 billion cubic feet. Total U.S. natural gas storage stood at 981 billion cubic feet.
Stocks were 790 billion cubic feet less than last year at this time and 984 billion cubic feet below the five-year average of 1.965 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 466 billion cubic feet below the five-year average, following net injections of 34 billion cubic feet. Stocks in the Producing Region were 396 billion cubic feet below the five-year average of 824 billion cubic feet after a net injection of 35 billion cubic feet.
Meanwhile, updated weather forecasting models continued to call for slightly cooler than normal temperatures over the next 15 days. Spring and fall see the weakest demand for natural gas in the U.S, as the absence of extreme temperatures curbs demand for heating and air conditioning.
Technically market is under long liquidation as market has witnessed drop in open interest by -12.39% to settled at 7650 while prices down -6.6 rupee, now Naturalgas is getting support at 282.7 and below same could see a test of 279.4 level, and resistance is now likely to be seen at 290.6, a move above could see prices testing 295.2.
Trading Ideas:
--Naturalgas trading range for the day is 279.4-295.2.
--Naturalgas dropped after data showed that U.S. natural gas supplies rose more than expected last week.
--The U.S. EIA said in its weekly report that natural gas storage in the U.S. rose by 82 billion cubic feet.
--A late-season cool snap that trekked across the U.S. in late April failed to make a dent in the nation's inventories as markets were expecting.
www.punjiniveshonline.com
www.punjiniveshonline.com
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