Natural Gas - Energy - Feb 25, 2022 - Reliance Securities
2022-02-25 09:22:26 (Time Zone: IST)
U.S. Natural Gas (NG) prices ended higher but, later in the day prices witnessed a pullback from those highs.
Indian Natural Gas (NG) prices ended higher on
US natural gas inventories for the week ended Feb. 18 fell in line with market expectations, which was below the five-year average decline for the first time this year.
Storage fields withdrew 129 Bcf, according to data released by the US EIA on February 24.
U.S. NG prices have started marginally higher this early Friday morning in Asian trade.
Technically, if NG April contract trade above $4.700 level, it could continue its bullish momentum up to the resistance zone at $4.870-$5.095. A trade below could pull prices to the support zone at $4.485-$4.330.
Domestic NG prices could start higher this early Friday morning tracking a positive start in the overseas prices.
Technically, if MCX NG March contract trades above 361.00 level, it could continue its bullish momentum up to the resistance zone at 373.90-387.00. A trade below could pull prices to the support zone at 348.60-336.40.