Natural Gas Trading Range For The Day Is 163.7-173.9

Natural Gas on MCX settled up 1.86% at 170 as forecasts for colder weather through early January were expected to boost heating demand. Colder weather forecasts over much of the U.S. next week promises to bring another round of elevated demand for heating and larger storage withdrawals. U.S. gas consumption will rise to an average of 113.8 billion cubic feet per day (bcfd) next week from 101.7 bcfd this week.

Technically market is under short covering as market has witnessed drop in open interest by -24.36% to settled at 13848 while prices up 3.1 rupees, now Natural Gas is getting support at 166.9 and below same could see a test of 163.7 level, And resistance is now likely to be seen at 172, a move above could see prices testing 173.9.

Trading Ideas:

* Natural Gas trading range for the day is 163.7-173.9.

* Natural Gas rose as forecasts for colder weather through early January were expected to boost heating demand.

* Colder weather forecasts over much of the U.S. promises to bring another round of elevated demand for heating and larger storage withdrawals.

* U.S. gas consumption will rise to an average of 113.8 billion cubic feet per day (bcfd) next week from 101.7 bcfd this week.

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