AUG 8 FRIDAY
SHORT TERM TREND : BEARISH : TARGET RS 353
LONG TERM TREND : BULLISH: TARGET RS 530
S1 RS 358, S2 RS 355, S3 RS 353
R1 RS 362.50, R2 RS 365, R3 RS 368
PREFER SHORT AT RS 362.50 TO 363
STOP LOSS RS 365
TARGET RS 358
Natural Gas Falls on Above-Average Supply Gain, Milder Weather .
Natural gas in New York fell after a government report showed
inventories rose more than average for this time of year and on
forecasts for milder weather.
Stockpiles increased 56 billion cubic feet in the week ended Aug. 1,
to 2.517 trillion cubic feet, the U.S. Energy Department said in a
report today. The average change for this time of year over
the past five is 50 billion cubic feet. Analysts expected an
increase of 62 billion cubic feet.
Natural gas for September delivery fell 21.4 cents, or 2.4 percent,
to $8.559 per million British thermal units at the 2:30 p.m,
close of floor trading on the New York Mercantile Exchange.
Futures have fallen 36 percent since June 30 on bigger-than-
expected gains in inventory and lower crude oil prices.
Gas earlier touched $9.092.
Gas supplies are 6 billion, or 0.2 percent, below the five- year
average and 353 billion cubic feet, or 12.3 percent, below the
same period a year earlier, when stockpiles rose to a record,
the department said. The five-year average in storage to
start winter on Nov. 1 is 3.327 trillion.
Reduced imports of natural gas from Canada and declining
shipments of liquefied natural gas, lured away from the U.S. by
higher prices in Asia and Europe, is being countered by increased
domestic production, analysts have said.
Gas also fell as crude oil pared an earlier advance. Oil for September
delivery rose $1.26, or 1.1 percent, to $119.84 a barrel in New York.
Futures earlier touched $121.78.
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