Commodity Trading Tips for Natural gas

13 Mar

Natural gas settled -0.46% down at 197.40 as a recent rally began to wane after weather forecasts pointed to a warming trend settling over the heavily populated central and eastern swathes of the US Warmer weather cuts into demand for heating in the nation’s households and businesses and sends natural gas prices falling. Weather services predicted normal temperatures to settle into the East Coast US through the end of March, with some calling for warmer-than-normal thermometer readings. The reports began to chip away at a rally that sent natural gas gaining due to unseasonably cold weather patterns that have gripped the country for much of February and March. However, supply data released late last week continued to support natural gas. On Thursday, the US EIA said in its weekly report that natural gas storage in the week ending March 1 fell by 146 billion cubic feet, well beyond market expectations for a drop of 134 billion cubic feet. Inventories fell by 92bcfin the same week a year earlier, while the five-year average change for the week represented a decline of 107 billion cubic feet. Total US natural gas storage stood at 2.083 trillion cubic feet as of last week. Stocks were 361bcfless than last year at this time and 269bcfabove the five-year average of 1.814 trillion cubic feet for this time of year. The report showed that in the East Region, stocks were 73bcfabove the five-year average, following net withdrawals of 77 billion cubic feet. For today’s session market is looking to take support at 195.9, a break below could see a test of 194.4 and where as resistance is now likely to be seen at 199.4, a move above could see prices testing 201.4.

Trading Ideas:

Nat. Gas trading range for the day is 194.4-201.4.

Natural gas dropped after weather forecasts pointed to a warming trend settling over the heavily populated central and eastern swathes of the US

Updated weather forecasts released earlier pointed to milder temperatures across most parts of the U. S. in the near-term.

Total U. S. natural gas storage stood at 2.083 tcf as of last week, 14.8% above the five-year average for this time of year.

 

Originally posted at:  Topnews.in

Advertisements

4 Responses to “Commodity Trading Tips for Natural gas”

  1. livejournal.com March 22, 2013 at 1:02 am #

    Unquestionably believe that which you stated. Your favorite justification appeared to
    be on the web the easiest thing to be aware of.
    I say to you, I definitely get annoyed while people think about worries that they plainly do not know about.
    You managed to hit the nail upon the top as well as defined out the whole thing without having
    side effect , people can take a signal. Will probably be back to get more.
    Thanks

  2. mouthguard for snoring April 11, 2013 at 11:24 pm #

    Fantastic goods from you, man. I’ve understand your stuff previous to and you’re just too magnificent. I actually like what you have acquired here, certainly like what you are saying and the way in which you say it. You make it entertaining and you still care for to keep it smart. I cant wait to read much more from you. This is really a tremendous website.

  3. COMMODITY UPDATES FOR TODAY April 22, 2013 at 3:59 pm #

    I really appreciate your post and you explain each and every point very well. The content is amazing, keep posting friend it will be very helpful for everyone .You made some good points.

    • Harrey Martin April 22, 2013 at 4:06 pm #

      Hello there! Thanks for share your point of views, regarding my blog. Thanks for your kind feedback.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: