Moneycontrol
Last Updated : Jun 26, 2020 03:06 PM IST | Source: Moneycontrol.com

Natural gas futures slip 0.59% in afternoon trade

In the futures market, natural gas for July delivery touched an intraday high of Rs 117.60 and an intraday low of Rs 116 per mmBtu on MCX.

Natural gas futures declined to Rs 116.90 per mmBtu on June 26 as participants increased their short positions. Prices on Nymex had touched a 25- year low of $1.434/mmBtu in trade on June 25.

The US Energy Information Administration (EIA) reported that US natural gas inventories increased by 120 billion cubic feet (bcf) for the week ended June 19.

In the futures market, natural gas for July delivery touched an intraday high of Rs 117.60 and an intraday low of Rs 116 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 184.10.

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Natural gas futures for July delivery slipped Rs 0.70, or 0.59 percent, to Rs 117 per mmBtu at 14:36 hours IST on a business turnover of 27,538 lots.

The same for August delivery edged lower by Rs 0.80, or 0.65 percent, to Rs 123.20 per mmBtu on a business volume of 1,062 lots.

The value of July and August contracts traded so far is Rs 347.92 crore and Rs 11.19 crore, respectively.

Natural gas is expected to trade negatively with resistance at Rs 121 and Rs 119 levels, according to Motilal Oswal. The broking firm advised its clients to sell on rise targeting lower support at Rs 113-110 zone.

At 09:09 (GMT), the natural gas was trading down 0.52 percent at $1.53 per mmBtu in New York.

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First Published on Jun 26, 2020 03:06 pm
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