Karvy believes that, Natural Gas prices may see good volatile behavior in coming sessions however technical analysis supports the bearish view and thus look to the sell NG today, says the report.
Review:
Natural gas commodity traded moderately in the green in till European session however saw huge decline in latter half and closed 2.7% lower at NYMEX
Jan expiry contract at NYMEX shut lower by 2.7% to $3.61 per MMBTU level whereas at MCX, NG for Dec settlement was weaker by 1.6% to Rs 235 per MMBT with less loss locally due to Rupee depreciation.
Outlook: Natural gas prices fell in late trade though we had a cautious outlook on the commodity as weather related updates did hinted for moderate cooler temperatures coming back into the US in latter half of December. While there are no major changes in weather over next 2 weeks time frame, probably commodity fell yesterday as immediate outlook from US CPC for 6-10 days is now expected to be much warmer than earlier thus probably lowering the demand expectations for the commodity. We believe prices may see good volatile behavior in coming sessions however our technical analysis supports the bearish view and thus look to the sell NG today.
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