Natural Gas on MCX settled up 1.86% at 191.60 gained in the line of expectation prices rallied on Thursday following a larger than expected draw in inventories. Colder than expected weather is forecast to cover most of the US for the next 2-weeks. The cold weather pattern is moving down from Canada into the mid-west of the US and appears to be stable for both the 6-10 and 8-14 day forecasts.
Trading Ideas:
* Natural gas trading range for the day is 185.8-195.2.
* Natural gas gained boosted by forecasts for colder weather and a bigger-than-expected withdrawal from storage.
* The US EIA said utilities pulled 177 billion cubic feet (bcf) of gas from inventories during the week ended Feb. 15.
* Concerns of spring-like temperatures during the second half of March, and oversupply with production slowly creeping back up near new highs.
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