Natural Gas on MCX settled down -3.95% at 197.10 tumbled extending losses after data showed that domestic supplies in storage fell less than forecast last week. While this week Natural gas prices whipsawed as colder than normal weather than is expected to cover most of the US over the next 8-14 days was offset by a lower than expected draw in natural gas inventories according to the EIA. Yesterday the US EIA reported Thursday morning that U.S. natural gas stocks decreased by 33 bcf for the week ending November 24.
Trading Ideas:
* Natural Gas trading range for the day is 189.5-210.5.
* Natural Gas dropped nearly -4% extending losses after data showed that domestic supplies in storage fell less than forecast last week.
* EIA said in its weekly report that natural gas storage in the US fell by 33 bcf in the week ended Nov. 24, compared to -37 bcf.
* Natural Gas futures have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on early-winter.
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