COM: Natural Gas demand may fall on global warming effect
AHMEDABAD (Commodity Online): Natural Gas future falls on selling pressure during trading session on MCX. Natural Gas February contract has fell down by Rs. 5.4 per MMBTU in last week. February contract opened at 254.6, higher by Rs 0.6 per MMBTU this morning on MCX.
Range for Natural Gas is from Rs. 206 to 280. As global change in weather is taking place due to global warming effect, demand in Natural Gas may fall.
“Technically, Natural Gas is expected to be stable to Negative for next couple of days,” said Anil Patadia, Commodity Analyst with Commodity Online.
14 days RSI is at 50.35 and is moving sideways. Next strong support can be seen near 206 while resistance is at 280, technically.
“Fundamentally, Natural Gas is not so strong because of warm weather which can cause lower demand of Gas. One should make positions as per prevailing range for next couple of days,” said Patadia.
