Natural gas futures firm at Rs 220 per mmBtu in afternoon trade
In the futures market, natural gas for October delivery touched an intraday high of Rs 220.60 and an intraday low of Rs 217.30 per mmBtu on MCX.
October 26, 2020 / 02:47 PM IST
Natural gas futures trade firm at Rs 220 per mmBtu on October 26 as participants increased their long positions, as seen by the open interest. Natural gas price had gained 7.14 percent on the NYMEX the previous week.
Natural gas prices have been supported by rising US gas exports and lower than anticipated build in inventory seen from US Energy Information Administration (EIA) data.
In the futures market, natural gas for October delivery touched an intraday high of Rs 220.60 and an intraday low of Rs 217.30 per mmBtu on the MCX Index. So far in the current series, natural gas has touched a low of Rs 179.10 and a high of Rs 225.70.
Natural gas delivery for October gained Rs 0.40, or 0.18 percent, to Rs 220 per mmBtu at 2:25 pm with a business turnover of 6,394 lots.
Natural gas delivery for November rose Rs 2.30, or 0.97 percent, to Rs 239.60 per mmBtu with a business volume of 5,867 lots.
The value of October and November’s contracts traded so far is Rs 827.16 crore and Rs 221.95 crore, respectively.
MCX Natural gas is expected to trade in a positive trend with support at Rs215 level and intermediate support at Rs 217 level, according to Motilal Oswal. The brokerage firm advised its clients to buy on dips, targeting the higher resistance at Rs 222-224.50 zone.
At 9 am GMT, the natural gas price was up 1.69 percent, quoting at $3.24 per mmBtu in New York.For all commodities related news, click here