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Natural gas futures fall 0.66% to Rs 209.80 per mmBtu on weak demand; speculators raised net long positions

Technically, MCX Natural Gas May could see a positive session in coming session up to Rs 213-215 levels as it holds strong support at 209-207 levels, said Iyer.

Mumbai / April 26, 2021 / 03:02 PM IST
Natural Gas

Natural Gas

Natural gas futures dropped to Rs 209.80 per mmBtu on April 26 as participants increased their short positions as seen by the open interest. Natural gas had jumped 2.25 percent last week on the MCX.

The energy commodity traded in the negative territory after a gap-down start in the afternoon session tracking weak global cues.

The commodity has been trading higher than 5, 20, 50, 100 and 200 days' moving averages on a daily chart. The momentum indicator Relative Strength Index (RSI) is at 67.62 which indicates bullish movement in the prices.

US CFTC data showed natural gas speculators raised their net longs in futures and options positions by 22,660 contracts to 218,086 in the week to April 20.