Nat.Gas Down From A More-Than-Nine-Month High Scaled In The Last Session

  • by THO
  • 1 year ago
  • news
  • 1
Nat.Gas yesterday settled down by -1.35% at 190.7 from a more-than-nine-month high scaled in the last session, as weather forecasts turned cooler and on modest impact from Hurricane Laura. Less-than-anticipated damage from Hurricane Laura and slower exports because of the storms is also weighing on prices.
 
 
Refinitiv data indicated 151 cooling degree days (CDDs) in the Lower 48 states over the next two weeks, declining from 175 CDDs in the prior day. CDDs measure the number of degrees a day’s average temperature is above 65 degrees Fahrenheit (18 degrees Celsius) and are used to estimate demand to cool homes and businesses.
 
 
Demand in the Lower 48 states, is expected to decline as the weather turns cooler, falling from 85.8 bcfd this week to 82 bcfd in the next, according to Refinitiv. For the month, prices were up about 39%, the most since November 2018, propped up by a surge in exports and on concerns about Laura’s impact. U.S. output, meanwhile, rose to 87 bcfd on Sunday as many wells in the Gulf resumed operations after Laura, according to preliminary data from Refinitiv.
 
 
Technically market is under fresh selling as market has witnessed a gain in open interest by 1.51% to settled at 5436 while prices down -2.6 rupees, now is getting support at 184.7 and below same could see a test of 178.6 levels, and resistance is now likely to be seen at 196.3, a move above could see prices testing 201.8.
 
 
Trading Ideas:
#             Natural gas trading range for the day is 178.6-201.8.
#             Natural gas fell, as weather forecasts turned cooler and on modest impact from Hurricane Laura.
#             Less-than-anticipated damage from Hurricane Laura and slower exports because of the storms is also weighing on prices.
#             U.S. output, meanwhile, rose to 87 bcfd as many wells in the Gulf resumed operations after Laura.

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