Natural Gas Market Update

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Naturalgas on MCX settled up 0.45% at 199.20 prices fell from the day's high of 202.80 level as expectations that cooler weather is approaching outweighed a bullish inventory report. The US EIA reported that U.S. natural gas stocks increased by 49 billion cubic feet for the week ending September 23. While market were expecting a storage addition of around 55 billion cubic feet. The five-year average for the week is an injection of around 97 billion cubic feet, and last year’s storage addition for the week totaled 96 billion cubic feet. Natural gas inventories rose by 52 billion cubic feet in the week ending September 16.

Natural gas prices have risen by nearly 90% since March, when prices fell to near 109 level. Now that the summer cooling season is mostly behind us, demand will drop until the winter heating season kicks in around the first of November. Storage additions are well below year.

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Trading Ideas:

Naturalgas trading range for the day is 194.8-205.

Natural gas revered losses, turning higher after 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 49 billion cubic feet.

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