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U.S EIA Showed Bearish Nat Gas Inventories While Copper Remains Steady

By Research Team Friday, Mar 17, 2023
NAT GAS

    • 10.25amw1
    • High2.526
    • Low2.487
    • Close2.512

Natural Gas is trading at $2.509, 0.09% up since previous day close. An upward momentum can be seen in Natural Gas prices after U.S Energy Information Administration (EIA) report showed a shortage of 58B as compared to an expected fall of 62B which signaled lesser supplies against the steady demand & hence, pushed up the prices. Last week, the report showed draw-down in Natural Gas inventory levels by 84B higher than expected fall of 76B. The change in climatic conditions in U.S & European regions reduces the demand of heating fuels like Natural Gas. As seen in the chart, the Natural Gas is trading near previous lows which acts as major support levels with heavy trading volumes; indicating the chances of upside if sustained & reversed.

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Commodities

NAT GAS

Intra Day
Near Day

Technical Levels

R3 2.743
R2 2.62
R1 2.568
Turnaround 2.496
S1 2.444
S2 2.372
S3 2.247
By Research Team Friday, Mar 17, 2023
COPPER

    • 10.48amd1
    • High8598
    • Low8431
    • Close8519

COPPER is trading at $8519.3, 0.16% up since previous close. The Copper is expected to open on higher note on Friday, extending its previous day’s gains as USD weakens amid global cues. The ECB’s hawkish stance of rising interest rate by 50 bps weakened the USD & cushioned the commodities since they are inversely correlated. Earlier in this week, the Copper slid down to two-months lows on account of U.S banking & financial crisis. However, an easing down of U.S CPI rate & strong U.S NFP figures reduces the chances of aggressive rate hikes in next Fed meeting which may further turn out to be positive for commodities on long term basis. As seen in the chart, the Copper seems to be reversing up from lower levels & hence, buying may be recommended further for the day.

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Commodities

COPPER

Intra Day
Near Day

Technical Levels

R3 8850
R2 8683
R1 8601
Turnaround 8516
S1 8434
S2 8349
S3 8182
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