Commodities trading tips for natural gas by Kedia commodity

Naturalgas yesterday settled to 0.83% at 205.60 support, seen after the rupiah hit a record low 61.80 on Tuesday but recovered after the Central Bank intervention and the appointment of a new Governor, Raghuram Rajan, the Central Bank has raised hopes of a new approach to the management of the currency. Although natural gas futures on the NYMEX fell to its lowest level since February, on Tuesday, as the extended forecasts, showing cool summer temperatures and large supply concerns continued to weigh on sentiment. September contract settled 0.85% to USD 3.319 per million British thermal units Monday. As Weather forecasting models have continued to indicate lower temperatures in much of the u.s. Northeast and Midwest for the next six to 10 days, moistening the summer cooling demand for fuel. Demand for natural gas, usually during the summer to fluctuate based on hot weather and the use of air conditioning. Meanwhile, the supply of u. s. also remained in the spotlight. Storage of natural gas total U. S. stood at 2.845 trillion cubic feet last week, just 1% below the average five years. Storage of natural gas in the United States rose by 59 billion cubic feet last week, above expectations for an increase of 56 billion cubic feet. Early estimates of injections this week storage varies from 60 billion cubic feet to 74 billion cubic feet, compared with 25 billion cubic feet during the same week a year earlier. The five-year average for the week is building the 42 billion cubic feet. Technically the market is under the short covering as the market experienced a decline in open interest of 2.41% and settled at 12629 until prices up 1.7 rupees, now getting support and 204.10 Naturalgas below same could see 202.60, and level test resistance is now likely to see on 207.10, step above could see prices testing 208.60.