Natural gas futures traded lower today after touching 5 week high in yesterday's session. The commodity for March delivery on the MCX has a very crucial support at 185 and resistance at 192 as per our analyst.
“Intra-day traders advised to take a buying position above 188 with stop loss of 186 and wait for the target near 191 and 194 for the day,”
Natural Gas futures is trading positive as cold temperature is expected in US region for the coming days which will support the prices.
On Thursday, U.S. Energy Information Administration said US natural gas storage fell by 127 billion cubic feet for the last week. Earlier, analysts expected a drop of 122 billion cubic feet.
MCX natural gas futures March delivery was down by 0.75 percent at Rs. 186.50 per mmBtu as of 05.38 PM IST on Wednesday.
Natural gas futures on New York Mercantile Exchange (NYMEX) was down by 0.52 percent at $ 3.438 per Mmbtu for April delivery as of 05.51 PM IST on Wednesda
