Frigid weather pushes Natural Gas prices up by 1.57% at international market. The commodity gained to $5.170 after falling to nine months low yesterday.
On freezing weather at Northeast and Midwest U.S. the heating fuel reached at two and half year high on 27th January. On the day the commodity reached at the high of $5.442 . Natural Gas has remained top gainer among all other commodities.
Till the end of January Cold air is expected to move across the U.S. During the period of November to March there remains high demand of heating fuel that keeps the commodity prices high.
According to Department of Energy Research, during this month the withdrawal of natural gas is seen above the five year's average. The storage is expected to fall majorly in this week. There was also seen disruption in production due to extremely cold condition.
According to Bloomberg Natural Gas storage may fall by 229 billion cubic feet for the week ended 24th Jan . The Energy information Administration will release inventory data tomorrow at 0330 GMT.
We may see high prices of Natural Gas till the end of March. The commodity may find resistance near to the price of $5.88 and support at $4.56.
At Multi Commodity Exchange of India Natural Gas is trading at Rs.316.30 with the gain of 2.26% at 1845 India Time.