Natural gas futures rose to Rs 121.70 per mmBtu on June 29 as participants increased their long positions. Prices edged up as buying emerged at lower levels after it touched a 25-year low last week.
The number of rigs drilling natural gas in the US remained unchanged at 75 last week.
In the futures market, natural gas for July delivery touched an intraday high of Rs 122 and an intraday low of Rs 119 per mmBtu on the Multi-Commodity Exchange (MCX). So far in the current series, natural gas has touched a low of Rs 115.50 and a high of Rs 184.50.
Natural gas delivery for July gained Rs 3.50, or 2.97 percent, to Rs 121.50 per mmBtu at 14:37 hours IST on a business turnover of 25,137 lots.
The same for August delivery edged higher by Rs 2.80, or 2.26 percent, to Rs 126.50 per mmBtu on a business volume of 1,241 lots.
The value of July and August contracts traded so far is Rs 368.98 crore and Rs 12.36 crore, respectively.
Support for natural gas is placed at Rs 117-114 whereas resistance stands at Rs 124.7-128 levels, according to Motilal Oswal. The broking firm advised its clients to buy on dips for the day.
At 09:27 (GMT), natural gas was up 3.69 percent at $1.60 per mmBtu in New York.
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