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Bullish EIA Natural Gas Storage Estimates & Sell-off in Base Metals

By Research Team Monday, Jul 22, 2019
COMMODITY

NATURAL GAS Outlook

    • 12.22pm ISTD1
    • High2.256
    • Low2.247
    • Close2.251

Natural Gas is trading at $2.255, 0.34% down since previous day close. The downward momentum can be seen in Natural Gas prices despite bullish estimates from Energy Information Administration (EIA) report which showed a draw in Natural gas storage levels leading to 62B from 81B in the previous week. Also, the climate changed in U.S & European regions turning into colder from normal which reduces consumption demand of heating fuels Last week, the EIA report showed a rise in Natural Gas storage level by 81B higher than the estimation of 71B. Besides this, the fluctuating USD post-Powell speech remains vital for commodities. Selling may be recommended for the day.

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Commodities Outlook

Natural Gas

Intra Day
Near Day

Technical Levels

R3 2.35600
R2 2.29500
R1 2.26100
Turnaround 2.23400
S1 2.20000
S2 2.17000
S3 2.11200
By Research Team Monday, Jul 22, 2019
COMMODITY

NICKEL Outlook

    • 12.40pm ISTW1
    • High14259
    • Low14169
    • Close14259

Nickel is trading at 14244, 0.15% down since previous day close. The selling bias may be noticed in Nickel prices as USD strengthened after chances of rate cuts increased in the upcoming FOMC meeting which is to be scheduled on July 30-31. Last week, a sharp rally can be seen in Nickel as compared to other base metals as major Nickel producer in Russia halted their output. Also, the USD weakened after IMF said the US Dollar is overvalued by 6% to 12% depending upon the current economic parameters. The stock level of Nickel reduces at record lower levels at London Metal Exchange (LME) which pushed up the prices. On an intraday basis, the Nickel may correct to some extent; however, buying bias may be seen on short term basis.

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Commodities Outlook

Nickel

Intra Day
Near Day

Technical Levels

R3 15867.00000
R2 15217.00000
R1 14875.00000
Turnaround 14567.00000
S1 14224.00000
S2 13917.00000
S3 13267.00000