The Globex Natural gas futures for delivery in December failed to break above $3.60 levels for a second consecutive session and slipped in tune with US stocks and crude oil prices, which lost nearly 3%. The commodity now trades at US$ 3.550, down 2.8 cents per million British thermal units (mmbtu) or 0.78% on the day.
The US National Weather Service has noted in a recent update that a storm is expected to hit the Mid-Atlantic and Northeast US on Wednesday and Thursday, bringing cold weather to the region. Colder-than-normal winter temperatures increase the need for gas-fired electricity to heat homes, leading to a surge in demand for natural gas. The heating season from November through March is the peak demand period for US gas consumption. Markets are eying further updates on the same.
The overall undertone is expected to be lax amid bearish undertone in Asian stocks and a rally in the US dollar. The US weekly inventories data is to be released later on today. Total US gas supplies stood at 3.908 trillion cubic feet, an all-time record that surpasses the previous peak of 3.852 trillion cubic feet reached last November. Stocks are 3.6% above a year ago and 7.1% above the five-year average for the week.
The Natural Gas prices topped out at a 10-month high of $3.85 per mmbtu in end October 2012. The prices had dropped to a low near $3.50 per mmbtu in first week of November and broke above $3.60 levels earlier in the week. Sentiments look weak given the sell off in equities as traders re assess the gains in risky assets after the Obama win. MCX Natural Gas futures are trading at Rs 194.20, down Rs 1 per mmbtu on the day or 0.51%
The US National Weather Service has noted in a recent update that a storm is expected to hit the Mid-Atlantic and Northeast US on Wednesday and Thursday, bringing cold weather to the region. Colder-than-normal winter temperatures increase the need for gas-fired electricity to heat homes, leading to a surge in demand for natural gas. The heating season from November through March is the peak demand period for US gas consumption. Markets are eying further updates on the same.
The overall undertone is expected to be lax amid bearish undertone in Asian stocks and a rally in the US dollar. The US weekly inventories data is to be released later on today. Total US gas supplies stood at 3.908 trillion cubic feet, an all-time record that surpasses the previous peak of 3.852 trillion cubic feet reached last November. Stocks are 3.6% above a year ago and 7.1% above the five-year average for the week.
The Natural Gas prices topped out at a 10-month high of $3.85 per mmbtu in end October 2012. The prices had dropped to a low near $3.50 per mmbtu in first week of November and broke above $3.60 levels earlier in the week. Sentiments look weak given the sell off in equities as traders re assess the gains in risky assets after the Obama win. MCX Natural Gas futures are trading at Rs 194.20, down Rs 1 per mmbtu on the day or 0.51%
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Today NATURAL GAS share price open at
277.30 with the loss of -6.10 (-2.15%) point. provide some suggestion and target tips please...stock market tips for intraday
Naturalgas trading range for the day is 282.7-326.1.
Natural gas dropped as markets bet that the arrival of spring next week will bring milder temperatures in the U.S. Naturalgas trading range for the day is 266.7-289.7.
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