AHMEDABAD ( Commodity Online):Natural Gas future contract continue to trade in red zone in MCX. On Friday Natural Gas January contract decline by 0.92 % and settled at Rs 162.10 per mmBtu. Natural Gas January prices declined more than 2.5 percent on a weekly basis on the back of mild weather forecasts and consistently higher production. Additionally, a stronger US dollar also acted as a negative factor for the Natural Gas. On the Nymex, prices declined around 4.5 percent and closed below the crucial level of $3 per mmBtu on Friday. Natural Gas prices have closely tracked weather forecasts in recent weeks. Above normal winter temperatures reduce the need for gas-fired electricity to heat homes, dampening demand for Natural Gas. According to US govt. short term weather outlook, showed above normal temperature expected to linger across the northern half of the US. According to Ankush Kumar Jain, Analyst with Commodity Online, technically, MCX Natural Gas January contract major Resistance looks at 172 and good support stays at 150. Natural Gas prices expected to trade in negative zone in coming sessions as weather conditions not supportive to trade higher this winter for Natural Gas. To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com

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