Natural Gas Prices Settled Flat - Ways2Capital

Natural gas prices settled flat as updated weather forecasting models continued to point to increased summer demand in the coming weeks. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand. Data showed that natural gas supplies in storage in the U.S. rose less than expected last week. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 57 billion cubic feet in the week ended July 7, while had forecast an increase of 59 billion.

Thursday's reading compared with a build of 72 billion cubic feet (bcf) in the preceding week and represented a decline of 289 billion from a year earlier but was 172 bcf above the five-year average. Total U.S. natural gas storage stood at 2.945 trillion cubic feet, 8.9% lower than levels at this time a year ago and 6.2% above the five-year average for this time of year. Domestic demand for natural gas in the week ahead is expected to be high as hot, high pressure systems dominate most of the United States.

The Great Lakes area and the northeastern states will be spared until the middle of next week, when the hot temperatures spread across most of the country again. Overall demand will be high to very high, except in the northeastern states. Technically market is under fresh buying as market has witnessed gain in open interest by 10.62% to settled at 4418 while prices up 0.1 rupees, now Naturalgas is getting support at 190 and below same could see a test of 187.6 level, And resistance is now likely to be seen at 193.9, a move above could see prices testing 195.4.

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Suhani Verma

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