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Natural gas futures steady at Rs 267.90/mmBtu; trading above major averages

The commodity has been trading higher than 5, 20, 50, 100 and 200-days' simple moving averages and exponential moving average on the daily chart.

Mumbai / June 29, 2021 / 03:10 PM IST

Natural gas futures traded flat to marginally lower on June 29 as participants increased their bullish bet as seen by the open interest. The gas prices surged 3.08 percent yesterday on the NYMEX and touched a high of $3.631/mmBtu, the highest level since January 2019.

The energy price traded in the red after a gap-down start tracking the muted global trend.

On the MCX, natural gas delivery for July eased by Rs 0.10, or 0.04 percent, to Rs 267.90 per mmBtu at 14.38 hours with a business turnover of 19,610 lots.

Gas delivery for August fell Rs 0.20, or 0.07 percent, to Rs 266.90 per mmBtu with a business volume of 1,553 lots.

The value of July and August's contracts traded so far is Rs 742.98 crore and Rs 43.37 crore, respectively.

Close

MCX iCOMDEX Natural Gas Index decreased 4.87 points or 0.15 percent to 3,259.74.

Natural gas has been on an up move for the last few days and has set fresh highs indicating strong upward momentum, said Kotak Securities.

The expectations of hot weather in the US boosting cooling demand for natural gas and higher global gas prices lend support to the price.

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited said, “The price has formed a Rising channel pattern on hourly chart and trading in an upside direction with some corrections. The price has inclined by 3.42% in the previous session from the support of Rs 262.60. Overall trend will remain as it is trading above the support of 15-SMA of hourly chart placed near Rs 266.90.”

Technicals

The commodity has been trading higher than 5, 20, 50, 100 and 200-days' simple moving averages and exponential moving average on the daily chart. The momentum indicator Relative Strength Index (RSI) is at 76.47, which suggests some pullback in the price.

At 0917 GMT, the natural gas price was flat at $3.59 per mmBtu in New York.

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Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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