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Last Updated : Oct 16, 2020 04:30 PM IST | Source: Moneycontrol.com

Natural gas futures steady at Rs 204.60 per mmBtu in afternoon trade

In the futures market, natural gas for October delivery touched an intraday high of Rs 205.90 and an intraday low of Rs 202.50 per mmBtu on the MCX

Natural gas futures traded steady at Rs 204.60 per mmBtu on October 16 as participants increased their long positions. The commodity gained 5.3 percent on the NYMEX on October 15.

Prices have been supported by pick up in US LNG export and forecast of cold weather that would boost heating demand.

The US Energy Information Administration (EIA) reported that US natural gas weekly inventories jumped 46 billion cubic feet (bcf) against an expectation of 55 bcf for the week-ended October 9.

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In the futures market, natural gas for October delivery touched an intraday high of Rs 205.90 and a low of Rs 202.50 per mmBtu on the Multi-Commodity Exchange (MCX). So far in the current series, natural gas has touched a low of Rs 179.10 and a high of Rs 221.

Natural gas futures for October delivery gained Rs 0.70, or 0.34 percent, to Rs 204.60 per mmBtu at 14:21 hours IST on a business turnover of 7,471 lots.

The same for November delivery was unchanged at Rs 240.10 per mmBtu on a business volume of 2,615 lots.

The value of October and November’s contracts traded so far is Rs 900.67 crore and Rs 34.93 crore, respectively.

"Natural gas may continue to witness choppy trade amid mixed cues. However, the general bias may be on the downside owing to subdued demand expectation," Kotak Securities said.

Geojit Financial Services expects buying momentum to continue for the day if the support of Rs 194 remains. "Major liquidation is seen only on a break of Rs 178.”

At 08:54 (GMT), the commodity was up 0.25 percent at $2.78 per mmBtu in New York.

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First Published on Oct 16, 2020 04:30 pm
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