Naturalgas on MCX settled down -1.66% at 184.1 on forecasts for heating demand to decline over the next two weeks and expectations that a federal report will show a much bigger-than-usual storage build. With the weather warming, projected demand in the Lower 48 U.S. states would slide to an average of 76.4 billion cubic feet per day (bcfd) next week, down from an expected 77.9 bcfd this week.
Those demand forecasts include an increase in the amount of gas flowing to U.S. LNG export terminals to record levels of around 5.9 bcfd as a new plant enters service. Utilities likely added 104 billion cubic feet (bcf) of gas to inventories during the week ended May 10, the same as an injection of 104 bcf during the same week last year but well above a five-year (2014-2018) average build of 89 bcf for the period.
U.S. dry natural gas production will rise to an all-time high of 90.27 billion cubic feet per day (bcfd) in 2019 from a record high of 83.40 bcfd last year, the Energy Information Administration's Short Term Energy Outlook (STEO) said on Tuesday. The latest May output projection for 2019 was down from EIA's 91.00 bcfd forecast in April. EIA also projected U.S. gas consumption would rise to an all-time high of 84.07 bcfd in 2019 from a record high 82.08 bcfd a year ago.
Technically market is under fresh selling as market has witnessed gain in open interest by 12.32% to settled at 5625 while prices down -3.1 rupees, now Naturalgas is getting support at 181.9 and below same could see a test of 179.8 level, And resistance is now likely to be seen at 187.2, a move above could see prices testing 190.4.
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