MCX Natural Gas slumps ahead of U.S storage data MUMBAI - TopicsExpress



          

MCX Natural Gas slumps ahead of U.S storage data MUMBAI (Commodity Online): Natural gas prices at India’s Multi Commodities Exchange (MCX) were down by 1.36%. Natural gas for July delivery is now trading around Rs 224.60-227.10 per mmBtu. The American Petroleum Institute reports inventory levels of US crude oil, gasoline and distillates stocks is likely to announce today may impact gasoline prices. Weakness in dollar index may put further pressure on futures trading. On NYMEX, natural gas is trading down at $3.74 per mmBtu as of 03.10 am CT. On Tuesday trade, July natural gas rose to a high of 227.10 Rs/mmBtu at 02.02 pm IST and is expected to trade negative in later session. For intra-day, support is now seen at 224.10, 223.40 levels and resistance at 228.30 & 229.10, analyst said. On charts, natural gas prices are witnessing a bullish picture. It is trading above 20 day SMA at 223.78 levels. RSI at 50.93 is neutral and stochastic is at overbought levels. Outlook on hotter U.S weather and weakening dollar capped further fall in prices. We expect MCX natural gas to trade on bearish note. vist / Call for more update on : capitalstroke 9770670009
Posted on: Tue, 09 Jul 2013 10:09:59 +0000

Trending Topics



Recently Viewed Topics




© 2015