Naturalgas on MCX settled down -1.95% at 181.1 on forecasts for warmer weather and lower than previously expected heating demand next week. That decline came despite an increase in liquefied natural gas exports with the return of two liquefaction trains at Cheniere Energy Inc's Sabine Pass LNG export terminal in Louisiana late last week.
The market has become much less volatile over the past couple of months just like last year as the weather moderates for the spring amid a widely held expectation that record and growing production will meet any increase in demand. With the weather expected to warm, data provider Refinitiv projected demand in the Lower 48 U.S. states would only reach an average of 77.7 billion cubic feet per day (bcfd) next week, down from its forecast on Friday of 80.5 bcfd.
Output in the Lower 48 edged up to a two-week high of 88.9 bcfd on Sunday, its highest since production hit a daily record of 90.2 bcfd on March 29, according to Refinitiv Eikon data. Utilities likely added a much bigger than normal 80 billion cubic feet (bcf) of gas to inventories during the week ended April 12. That compares with a decline of 34 bcf for the same week last year and a five-year average increase of 21 bcf for the period.
Technically market is under fresh selling as market has witnessed gain in open interest by 36.45% to settled at 8872 while prices down -3.6 rupees, now Naturalgas is getting support at 179.9 and below same could see a test of 178.6 level, And resistance is now likely to be seen at 183.4, a move above could see prices testing 185.6.
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