Natural Gas Trading Range For The Day Is 148.2-158

Natural gas trading range for the day is 148.2-158.

Natural gas gained on forecasts calling for a little colder weather in late January despite a government report showing a smaller-than-expected storage draw.

EIA said utilities pulled 44 billion cubic feet of gas from storage during the week ended Jan. 3, lower than the 53 bcf draw forecasted.

Meteorologists projected the weather in the Lower 48 states will turn to colder-than-usual from Jan. 16-18 before returning to normal.

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Natural Gas Daily Chart Has Formed “Falling Channel” Pattern

Natural gas daily chart has formed “Falling channel” pattern. The last few sessions ended up in sideways trend inside the channel.

The market is expected to continue on bullish momentum based on the price action, once the same breaks above a key resistance holding at 165. The upside rally could be testing all the way through 172 levels in the upcoming sessions.

Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 156 level. Key support holds at 156.

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Natural Gas Slipped On Forecasts Confirming The Weather Will Turn Warmer

Natural gas trading range for the day is 156.6-166.

Natural gas slipped on forecasts confirming the weather will turn warmer than normal through the end of the year despite signs the new year could start with a cold snap.

Prices remained under pressure due to warmer than usual weather and expectations inventories will remain over the five-year average in coming months.

EIA said utilities pulled 107 billion cubic feet of gas from storage during the week ended Dec. 13.

Meteorologists projected the weather in the U.S. Lower 48 states will turn from colder than normal now to warmer from Dec. 22-29 before turning colder.

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Natural Gas Daily Chart Has Formed “Descending Broadening Wedge” Pattern

Natural gas daily chart has formed “Descending broadening wedge” pattern. The last few sessions ended up in sideways trend inside the channel. 

The market is expected to continue on bullish momentum based on the price action, once the same breaks above a key resistance holding at 162. The upside rally could be testing all the way through 167-171 levels in the upcoming sessions. 

Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 156 level. Key support holds at 156.

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Natural Gas Dropped On Forecasts For Less Heating Demand

Natural gas trading range for the day is 164.9-180.7.

Natural gas dropped on forecasts for less heating demand through the middle of December than previously expected.

Meteorologists now forecast the weather will remain at near normal levels before turning colder than usual on Dec. 10

Utilities likely pulled just 22 billion cubic feet of gas from storage during the week ended Nov. 29.

Gas production in the Lower 48 states slipped to a two-week low of 94.8 bcfd on Tuesday from 95.4 bcfd on Monday, according to Refinitiv.

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Natural Gas Dropped On Forecasts Of A Warmer Than Usual Weather

Natural gas trading range for the day is 159-182.6.

Natural gas dropped on forecasts of a warmer-than-usual weather and record production.

U.S. utilities pulled a much smaller-than-normal 28 billion cubic feet of gas from storage last week

The drawdown reduced total stockpiles to 3.610 trillion cubic feet, about 0.9% below the five-year average

U.S. dry natural gas production will rise to an all-time high of 92.13 billion cubic feet per day in 2019 from a record high of 83.80 bcfd last year.

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Natural Gas Fell On Forecasts For Less Cold Weather And Heating Demand

Natural gas trading range for the day is 175-188.6.

Natural gas fell on forecasts for less cold weather and heating demand over the next two weeks than previously expected.

Meteorologists currently forecast the weather over much of the U.S. Lower 48 states will remain near normal through Nov. 30.

Stockpiles will likely return to a surplus over the five-year average during the next month or so as rising production enables utilities to leave more gas in storage.

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Natural Gas Fell On Forecasts For Weather Over The Next Two Weeks

Natural gas trading range for the day is 180.4-196.2.

Natural gas fell on forecasts for weather over the next two weeks that will be warmer than previously expected.

Utilities likely pulled 79 billion cubic feet of gas from storage during the week ended Nov. 15, their first withdrawal of the November-March heating season.

Speculators last week cut their net short positions on the NYMEX and Intercontinental Exchange by 17,690 contracts to 69,145.

Gas production in the Lower 48 states held at 95.1 bcfd for a second day in a row, according to Refinitiv data.

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Natural Gas Prices Ended With Gains After Forecasts Called For Colder Weather

Natural gas trading range for the day is 184.5-200.1.

Natural gas prices ended with gains after forecasts called for colder weather than previously expected for the rest of November.

After a cold snap, the U.S. NWS forecast temperatures in the Lower 48 U.S. states would remain a little cooler than normal in the eastern half of the country

Utilities likely pulled 79 billion cubic feet (bcf) of gas from storage during the week ended Nov. 15, their first withdrawal of the November-March heating season.

Gas production in the Lower 48 states held at 94.8 bcfd for a second day in a row, according to Refinitiv data.

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Natural Gas Rose As Investors Covered Shorts On Forecasts

Natural gas trading range for the day is 198.1-208.1.

Natural gas rose as investors covered shorts on forecasts for colder-than-usual weather over the next two weeks.

Data provider Refinitiv projected 367 heating degree days in the Lower 48 U.S. states over the next two weeks.

Utilities likely added a smaller-than-normal 45 billion cubic feet of gas to storage during the week ended Nov. 1.

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Natural Gas Extended Losses Following The Release Of A Federal Report Showing

Natural gas trading range for the day is 180.6-198.

Natural gas extended losses following the release of a federal report showing a slightly bigger-than-expected storage build last week.

Earlier in the session, the prices gained on forecasts calling for cold weather to blanket much of the country though mid-November.

EIA said utilities added a bigger-than-usual 89 billion cubic feet of gas to storage during the week ended Oct. 25.

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Natural Gas Prices Gained As Cold Weather Forecasts Offset Near Record Production

Natural gas trading range for the day is 156.1-166.5.

Natural gas prices gained as cold weather forecasts offset near record production and expectations the surplus of gas in storage will grow.

Over the next 6-10 days, the U.S. NWS forecast temperatures in the Lower 48 U.S. states would remain colder than usual west of the Mississippi River and warmer in the Southeast.

Utilities likely added a bigger-than-usual 91 billion cubic feet (bcf) of gas to storage during the week ended Oct. 18.

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Natural Gas Trading Range For The Day Is 159.5-168.7

Natural gas trading range for the day is 159.5-168.7.

Natural gas dropped weighed down by record production and forecasts for the weather to moderate over the next two weeks.

Gas output in the Lower 48 states has averaged a near record high of 92.8 billion cubic feet per day in the past 30 days.

The U.S. Energy Information Administration said utilities added 102 bcf of gas to storage during the week ended Sept. 20 verses 89-bcf build.

Utilities likely added 105 bcf of gas to storage during the week ended Sept. 27. That compares with an injection of 91 bcf during the same week last year.

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Natural Gas Fell Following The Release Of A Report Showing A Bigger

Natural gas trading range for the day is 165.7-186.7.

Natural gas fell following the release of a report showing a bigger-than-expected storage build.

EIA said utilities added 102 billion cubic feet of gas to storage during the week ended Sept. 20.

The increase boosted stockpiles to 3.205 trillion cubic feet, 1.4% below the five-year average of 3.252 tcf for this time of year.

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Natural Gas Gained As Gas Followed The Oil Market Higher After Crude Jumped 15%

Natural gas trading range for the day is 184-197.

Natural gas gained as gas followed the oil market higher after crude jumped 15% following a weekend attack on Saudi Arabian oil facilities halved the kingdom's production.

Prices were also higher on forecasts for more cooling demand and liquefied natural gas exports this week than previously expected.

Projected demand in the lower 48 U.S. states would reach 85.4 billion cubic feet per day this week, up from its forecast of 84.9 bcfd.

Gas speculators cut their net short positions on the NYMEX and ICE by a record 84,427 contracts to 89,116 in the week to Sept. 10, their lowest since early June.

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Natural Gas Rose On Forecasts For Warmer Weather And Cooling Demand

Natural gas trading range for the day is 163.8-175.4.

Natural gas rose on forecasts for warmer weather and cooling demand next week that was higher than previously expected.

A large low pressure system located over the west-central Gulf of Mexico, has 80% chance of becoming a cyclone in the next 48 hours

The amount of gas in inventory has remained below the five-year average since September 2017.

Gas production in the Lower 48 states, meanwhile, edged up to 92.8 bcfd on Monday from a near three-week low of 91.4 bcfd last week.

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Natural Gas Prices Dropped As Production Continues To Surge

Natural gas trading range for the day is 154-163.4.

Natural gas prices dropped as production continues to surge while storage starts to fill.

However, downside seen limited on continuously rising U.S. natural gas demand and near-record gas-powered demand in the summer heat waves.

U.S. natural gas production continued to increase in August and set a new daily production record of 92.1 Bcfd.

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Natural Gas Rose On Forecasts For More Heat And Cooling Demand Next Week

Natural gas trading range for the day is 146.7-157.5.

Natural gas rose on forecasts for more heat and cooling demand next week than previously expected despite an increase in output to a fresh record high.

The amount of gas in inventory has remained below the five-year average since September 2017.

U.S. dry natural gas production will rise to an all-time high of 91.03 billion cubic feet per day in 2019.

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Natural Gas Extended Gains Following The Release Of A Report Showing

Natural gas trading range for the day is 146.1-154.7.

Natural gas extended gains following the release of a report showing a smaller-thanexpected storage build last week.

The U.S. Energy Information Administration said utilities added 55 billion cubic feet (bcf) of gas into storage during the week ended Aug. 2.

U.S. dry natural gas production will rise to an all-time high of 91.03 billion cubic feet per day (bcfd) in 2019, breaking last year's record of 83.39 bcfd.

EIA also projected U.S. gas consumption would rise to 84.65 bcfd in 2019, beating the record-high of 82.07 bcfd a year ago.

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Natural Gas Daily Chart Has Formed “Falling channel” Pattern

Natural gas daily chart has formed “Falling channel” pattern. The last few sessions ended up in bearish trend along with some corrections inside the channel.

The market is expected to continue on bearish momentum based on the price action, once the same breaks below a key support holding at 146.

The downside rally could be testing all the way through 140 level in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 158 level.

For more information ✆ +91- 6232578593 or visit www.moneymarketmanthan.com