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Natural gas prices dipped by -0.18% to 280.8 due to milder weather forecasts, reducing heating demand for the next two weeks. However, the downside is limited because of increased exports and higher global gas prices. The International Energy Agency (IEA) predicts slower global gas demand growth until 2026, especially in mature markets like Europe and North America, where demand peaked in 2021. The IEA’s outlook suggests a 1.6% yearly increase from 2022 to 2026, down from the 2.5% rise between 2017 and 2021.
China is expected to drive nearly half of this global demand growth by using gas for industrial production, power, and urban areas. In the U.S., gas output reached 102.7 billion cubic feet per day in October, slightly up from September but below the monthly record of 103.1 bcfd in July. However, daily output was on track to drop to 102.1 bcfd.
From a technical perspective, the market experienced long liquidation with a -7.71% decrease in open interest, settling at 19,235. Prices fell by -0.5 rupees. Key support levels for are at 276.9 and 273, with resistance likely at 285.9 and the potential to test 291.
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