Tech Outlook – MCX Natural Gas under fresh selling; Support seen at 194.2

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Technically Natural Gas market is under fresh selling as market has witnessed gain in open interest by 23.77% to settled at 13378 while prices down 4.1 rupees.Now MCX Natural Gas is getting support at 194.2 and below same could see a test of 190.3 levels, and resistance is now likely to be seen at 203.4, a move above could see prices testing 208.7.Natural Gas on MCX settled down 2.03% at 198.2 on forecasts the cold weather will moderate in late November despite a smaller than expected weekly storage build. The U.S. Energy Information Administration (EIA) said utilities added just 34 billion cubic feet (bcf) of gas to storage during the week ended Nov. 1.The increase boosted stockpiles to 3.729 trillion cubic feet (tcf), 0.8% above the five-year average of 3.700 tcf for this time of year. Earlier this year, the amount of gas in inventory was as much as 33% below the five-year average in March 2019. But with production at record highs, analysts said stockpiles would start the winter heating season near normal levels.The U.S. National Weather Service (NWS) forecast temperatures in the Lower 48 U.S. states would remain much colder than normal across the eastern two-thirds of the country over the next six to 10 days before moderating during the eight to 14 day period.With cold weather still blanketing much of the country, next-day gas for Thursday rose to its highest since March in Chicago and the Henry Hub benchmark in Louisiana, and its highest since April at the Algonquin hub in New England, the Dominion South hub in southwest Pennsylvania and New York City . Gas production in the Lower 48 slipped to 93.7 bcfd on Wednesday from 93.9 bcfd on Tuesday, according to Refinitiv data.Trading Ideas:
–Natural Gas trading range for the day is 190.3-208.7.
–Natural Gas dropped on forecasts the cold weather will moderate in late November despite a smaller than expected weekly storage build.
–EIA said utilities added just 34 billion cubic feet (bcf) of gas to storage during the week ended Nov. 1.
–The increase boosted stockpiles to 3.729 trillion cubic feet (tcf), 0.8% above the five-year average of 3.700 tcf for this time of year.Courtesy: Kedia Commodities

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