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Natural gas futures firm at Rs 186.80 per mmBtu on higher inventory draw

While the sell-off has dented market sentiment, natural gas has managed to close higher for the last few trading sessions showing some renewed buying interest

Mumbai / March 26, 2021 / 04:32 PM IST

Natural gas futures were steady at Rs 186.80 per mmBtu on March 26 tracking positive global cues. Natural gas price had risen 1.9 percent yesterday on the NYMEX.

The energy commodity recovered losses and traded in the green territory after a gap-down start in the afternoon.

The commodity has been trading higher than 5 and 200 days' moving averages but lower than the 20, 50 and 100 days’ moving average on a daily chart for the April contract. The Relative Strength Index (RSI) is at 47.31 which indicates bearish momentum in the prices.

The US Energy Information Administration (EIA) reported that US natural gas inventories decreased by 36 billion cubic feet (Bcf) for the week ended March 19 against market expectation of 25 Bcf decline. Natural gas in storage was 1,746 Bcf as of March 19.