Natural gas futures declined to Rs 128.70 per mmBtu on June 30 as participants increased their short position as seen by the open interest.
Natural gas price is getting benefit from expectations of an increase in cooling demand as weather forecasts indicate warm weather in parts of the US.
In the futures market, natural gas for July delivery touched an intraday high of Rs 130 and an intraday low of Rs 128.10 per mmBtu on 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 slipped Rs 1.20, or 0.92 percent, to Rs 128.80 per mmBtu at 14:53 hours IST with a business turnover of 19,402 lots.
Natural gas delivery for August edged lower by Rs 0.80, or 0.6 percent, to Rs 133.40 per mmBtu with a business volume of 1,229 lots.
The value of July and August contracts traded so far is Rs 500.41 crore and Rs 16.02 crore, respectively.
On MCX, natural gas price has an immediate resistance at Rs 133.50 while support is placed at Rs 125-122, according to Motilal Oswal.
At 0926 GMT, the natural gas price was down 0.41 percent, quoting at $1.70 per mmBtu in New York.