Monday, April 25, 2011

India: Natural gas ends higher on global cues

Natural Gas yesterday we have seen that market has moved 0.51% after the U.S. Energy Information Administration said natural gas inventories rose less-than-expected last week.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended April 15 rose by 47 billion cubic feet, after increasing by 28 billion cubic feet in the preceding week.
Stocks in the Producing Region were 128 billion cubic feet above the five-year average of 652 billion cubic feet, after a net injection of 17 billion cubic feet. Market has opened at 196.9 & made a low of 196.3 versus the day high of 198.8.
The total volume for the day was at 1276 lots and the open interest was at 6699.Now support for the Natural Gas is seen at 196 and below could see a test of 194.9. Resistance is now likely to be seen at 198.5, a move above could see prices testing 199.9.
Trading Ideas:
Natural Gas trading range is 194.9-199.9.
Natural gas ended with gains after the EIA said natural gas inventories rose less-than-expected last week.
Natural gas looks to test support at 195 and resistance is seen at 199.50
EIA said that natural gas storage in the week ended April 15 rose by 47 billion cubic feet
Courtesy: Kedia Commodities