Natural gas futures climbed to Rs 183 per mmBtu on December 31 as participants increased their long positions as seen by the open interest. Natural gas prices declined 0.9 percent the previous day on NYMEX.
Natural gas had a flat opening but extended gains to trade at the day's highest point in the afternoon session ahead of EIA weekly inventory report to be released later in the day.
Natural gas has, so far, gained 17.56 percent in 2020 compared to 26.72 percent decline in 2019.
MCX iCOMDEX Natural Gas Index inched 77.67 points, or 3.57 percent, higher to 2,254.68.
In the futures market, natural gas for January delivery touched an intraday high of Rs 183.50 and an intraday low of Rs 178.30 per mmBtu on MCX. So far in the current series, natural gas has touched a low of Rs 167.40 and a high of Rs 255.90.
Natural gas delivery for January rose Rs 6.40, or 3.62 percent, to Rs 183 per mmBtu at 1428 hours IST with a business turnover of 10,688 lots.
Natural gas delivery for February gained Rs 6.30, or 3.55 percent, to Rs 183.70 per mmBtu with a business volume of 1,032 lots.
The value of January and February contracts traded so far is Rs 973.89 crore and Rs 28.40 crore, respectively.
Natural gas may remain choppy ahead of inventory report but some gains could be seen if EIA reports a bigger than expected decline in stocks, said Kotak Securities..
At 0903 GMT, the natural gas price was up 3.14 percent quoting at $2.49 per mmBtu in New York.
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