Mumbai, 10 April (CommoditiesControl): U.S. natural gas prices surged today following the U.S. Energy Information Administration's (EIA) forecast of record-high power consumption for 2024-2025.
With power demand expected to reach unprecedented levels, driven by increased electricity usage for heating and transportation, natural gas prices saw a significant uptick. The EIA's projection of lower gas prices compared to coal for the first time ever in 2024 further fueled the surge.
Meanwhile, MCX natural gas experienced a notable 2.97% increase after a gap-up opening from the previous close, currently trading at 159.7. It surpassed its initial resistance level of 158.8, with the next target anticipated at 162.6, supported by levels at 152.7-150.4.
(By Commoditiescontrol Bureau; +91-9820130172)
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