Mumbai / September 01, 2021 / 15:08 IST
Natural gas futures soared on September 1 as participants raised their bullish bets as seen by the open interest. The gas prices had risen 1.67 percent yesterday on the NYMEX.The energy commodity has traded in the positive territory since morning, tracking the bullish overseas cues.On the MCX, natural gas delivery for September climbed Rs 6.30, or 1.98% to Rs 324.60 per mmBtu at 14:18 hours with a business turnover of 16,875 lots.Gas delivery for October edged higher Rs 6, or 1.86%, to Rs 328.80 per mmBtu with a business volume of 4,310 lots.The value of September and October's contracts traded so far is Rs 952.26 crore and Rs 83.23 crore, respectively.MCX iCOMDEX Natural Gas Index advanced 81.46 points or 2.14% to 3,952.92.Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited said, “Natural gas prices have recovered since Hurricane Ida. The temperature is predicted to stay warmer than normal and getting natural gas out of the Gulf will take time because the state’s electricity is out. A tropical depression has formed. Kate is moving north in the Atlantic, while another storm off the coast of Africa has a 90% probability of becoming a tropical cyclone in the next 48 hours.”“The fast stochastic generated a crossing sell signal, indicating that short-term momentum has gone negative. The moving average convergence divergence (MACD) histogram prints in a positive area with an upward sloping trend, indicating that medium-term momentum is still favourable,” Purohit noted.TechnicalsThe commodity has been trading higher than its 5, 20, 50, 100, and 200 days' simple moving averages and exponential moving averages on the daily chart. The momentum indicator RSI is at 68.31, which suggests upbeat movement in the price.At 0900 GMT, the natural gas price soared 1.30 percent at $4.43 per mmBtu in New York.For all commodities-related news, click here
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