MCX Natural Gas negative; traders may sell at higher levels

For intra-day, support for the commodity is seen at 213 and 210 levels while resistance is seen at 217 and 220 levels. MCX natural gas for August delivery was seen trading down by 0.73% at Rs.216.10 per mmBtu as of 02.48 PM IST on Friday.

Natural gas futures for August delivery on India's Multi Commodity Exchange (MCX) is negative and traders are advised to sell at higher levels for the day, according to our analyst at Commodity Online.

“For intra-day, support for the commodity is seen at 213 and 210 levels while resistance is seen at 217 and 220 levels,” said Tarang Parmar, Research Analyst at Commodity Online.

MCX natural gas for August delivery was seen trading down by 0.73% at Rs.216.10 per mmBtu as of 02.48 PM IST on Friday.

Natural gas futures for September delivery on NYMEX was seen trading down by 0.27% at $3.637 per mmBtu as of 03.15 PM IST Friday.

In the United States, working gas in storage was 2,786 Bcf as of Friday, July 19, 2013, according to EIA estimates. This represents a net increase of 41 Bcf from the previous week.

Stocks were 399 Bcf less than last year at this time and 46 Bcf below the 5-year average of 2,832 Bcf. In the East Region, stocks were 120 Bcf below the 5-year average following net injections of 25 Bcf.

Stocks in the Producing Region were 45 Bcf above the 5-year average of 980 Bcf after a net injection of 12 Bcf. Stocks in the West Region were 29 Bcf above the 5-year average after a net addition of 4 Bcf. At 2,786 Bcf, total working gas is within the 5-year historical range.

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