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The future of natural gas immerses more than 1% to Rs 187 per mmBtu before the launch report

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The future of natural gas dropped to Rs 187 per mmBtu on April 8 as participants expanded their short positions as seen by open interest rates. The price of natural gas had risen by 2.6 percent yesterday in NYMEX.

Energy assets were sold in the wrong place after the opening of the gap in the afternoon program followed by weak global trends.
Assets have been trading below the 5, 20, 50, 100 and 200 day moving averages on the daily chart. The Relative Strength Index (RSI) is at 44.44 indicating the bearish momentum in prices.

Market players are waiting for US EIA natural gas inventory data to be released later in the day. This is expected to build 21 billion cubic feet (Bcf) stocks in stock as compared to a 5 year increase of 8 Bcf at this time of year.

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According to the Bespoke Weather Service, cold weather is expected next week, first in the middle of the country, then spread east and south by the end of next week early next week.

Sriram Iyer, Senior Research Analyst at Reliance Securities, said, “The future of global natural gas has begun to decline on Thursday morning and has weakened in the afternoons in Asian commerce, with traders awaiting product details. Technically, NYMEX Gas Gas can sell at various levels of $ 2.35-2.65. ”

“In fact, the MCX Natural Gas Apil holds support levels of Rs 187-185 and its resistance is Rs 190 and 194”, Iyer continues.

The MCX COMDEX Natural Gas Index was down by 25.91 points or 1.06 percent to 2,422.97.

In the futures market, natural gas delivery for April hit a high intraday of Rs 187.80 and a low intraday of Rs 184.90 per mmBtu per MCX. So far in the current series, natural gas has affected a low value of Rs 179.80 and a high of Rs 223.

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Natural gas delivery in April dropped by Rs 2, or 1.06 percent, to Rs 187 per mmBtu in 14:39 IST with a business profit of 13,433 lots.

Natural gas delivery in May dropped by Rs 1.40, or 0.72 percent, to Rs 193.50 per mmBtu with a business volume of 2,449 lots.

The total number of April and May contracts sold to date is Rs 878.88 crore and Rs 43.61 crore, respectively.

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited said, “Natural gas markets gathered on Wednesday to show signs of life again, but frankly there is a great deal of resistance to this. Support for natural gas is R3 183 levels below which could be as high as Rs 180. Resistance is Rs 190. ”

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Natural gas can remain under pressure before the commodity report however a significant decline can only come if the stock price is much higher than expected in the market.

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