Natural gas prices to rise and have continued to witness selling pressure despite higher demand for cleaner gas.
Precious metal prices continued their buying spree for the third straight week with Comex Gold.
Record high production and rising inventory made the natural gas prices test the lows of 2016.
But cyclically, rising natural gas prices are required to keep the current pace of higher supply to fulfill the rising global demand in 2020.
We expect MCX Natural gas prices to remain supported at Rs 150 per MMBtu and extend the rally towards Rs 175 per MMbtu in the very short term.
Global natural gas prices tumbled in the second half of 2022, from the heights reached in August. Unseasonably warm weather, improved energy efficiency, and behavioral changes in gas consumption contributed to the decline. A reduction in Russian natural gas production and exports to Europe took place and shifting LNG trade helped fill the gap in European supply. Lower demand and strong LNG inflows resulted in European natural gas inventories being at a record high for this time of the year. The outlook for 2023 will depend on the speed of China’s reopening as well as the LNG market dynamics.
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