Natural gas futures slide to Rs 194.50 per mmBtu on January 28 as participants increased their short positions as seen by the open interest. Natural gas price had surged 3.9 percent yesterday on the NYMEX.
Market participants will take further cues from EIA weekly inventory data to be released later in the day.
Kshtij Purohit, Product Manager Currency & Commodities, CapitalVia Global Research Limited said, “Natural gas gave gap up opening and trading higher in the morning session, it sustains above 100 days SMA which is placed at Rs 197 level then it may come towards Rs 202 levels. The weather is expected to be cooler than normal throughout most of the United States’ west coast, and warmer than normal across most of the mid-west and east coast for the next two weeks.”
MCX iCOMDEX Natural Gas Index dropped 64.85 points, or 2.60 percent to 2,427.02.