Natural gas on MCX settled down -0.86% at 150.10 holding 150 level and look to trade in smaller range as lack of fresh information from over the weekend is helping to hold the market inside Friday’s range, which tends to indicate investor indecision and impending volatility.
Trading Ideas:
* Natural gas trading range for the day is 147-155.8.
* Natural gas eased as the market focused more on an increase in production to record levels as opposed to forecasts for more demand.
* Prices remained under pressure because record production and mild spring weather allowed utilities to inject huge amounts of gas into storage.
* But with production expected to keep growing, stockpiles should reach a near-normal 3.7 trillion cubic feet (tcf) by the end of the summer.
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