Naturalgas Market update

Naturalgas on MCX settled up 1.37% at 200.3 with traders betting that low production and rising demand for exports mean supplies are tightening despite waning cold weather. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 150 billion cubic feet in the week ended March 17, matching forecasts. 

That compared with a withdrawal of 53 billion cubic feet in the preceding week, a build of 15 billion a year earlier and a five-year average drop of 21 billion cubic feet. Total natural gas in storage currently stands at 2.092 trillion cubic feet, according to the U.S. Energy Information Administration, 16% lower than levels at this time a year ago but 12.7% above the five-year average for this time of year. 

Meanwhile, updated weather forecasting models showed that warm to mild conditions will dominate most of the U.S., even as a spring-like weather system with heavy showers and thunderstorms impacts the central U.S. The week will be mostly mild to warm across the country with limited demand for heating or cooling besides the far northern U.S., according to forecasters.

               Join Bullion Tips Service with 95% Accuracy

    http://ripplesadvisory.com/precious-metal-(gold+silver)-.php

Trading Ideas: 

*Naturalgas trading range for the day is 195.4-203.8. 

*Natural gas prices gained with traders betting that low production and rising demand for exports mean supplies are tightening despite waning cold weather. 

*Meanwhile, updated weather forecasting models showed that warm to mild conditions will dominate most of the U.S. 

*The U.S. EIA said in its weekly report that natural gas storage in the U.S. declined by 150 billion cubic feet in the week ended March 17.