Oil And Natural Gas Corporation Ltd
Oil And Natural Gas Corporation Ltd
JustDial.com

According to data from Point Logic Energy, the average total supply of natural gas has been similar compared to the previous report week, averaging at 97.7 bcf/d (billilon cubic feet per day). Dry natural gas production has been slightly lower on a weekly basis to 92.7 BCF/d from 93.0 Bcf/d, while average net imports from Canada has reported higher at 4.9 Bcf/d, during the last week.

On the other hand, demand for natural gas has been higher in the last week amid increase in pwoer sector demand to 90.9 Bcf/d during last week compared with the previous week's report of 86.5 Bcf/d, according to data from Point Logic Energy. Conversely, uptrend has been witnessed in the residential sector to 8.4 Bcf/d compared to 8.2 Bcf/d of the preceding week. Natural gas consumption in industrial sector has been similar at 20.3 Bcf/d on a weekly basis, while the power usage has been higher at 38.3 Bcf/d during the last week. Furthermore, pipeline fuel use/losses has been similar at averaging at 6.3 Bcf/d on a weekly bassis, while exports to Mexico has been lower at 6.5 Bcf/d during the last week.

Outlook Fundamentally, for the week ahead, we are estimating MCX Natural Gas futures to trade bullish in expectancy of lower supplies, expectancy of higher demand/usage and small rise in inventories observed on a weekly basis. Natural gas inventories has showcased a seasonal rise to 3042 billion cubic feet, higher compared to previous reported inventories of 3097 billion cubic feet. Similarly, the US CPC further expects warmer weather conditions to bring bullish trend in prices during the week ahead. Overall, we expect bullish trend in MCX Natural Gas Futures in the coming week, said Choice Brokerage

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal

www.freepressjournal.in