In the futures market, natural gas for August delivery touched an intraday high of Rs 144.20 and a low of Rs 136 per mmBtu on the MCX
Natural gas futures jumped to Rs 143 per mmBtu on August 3 as participants increased their long positions. The commdity had slipped 3.5 percent last week on the NYMEX.
Prices has been holding within $1.6-1.95/mmBtu range in the last few sessions amid mixed trade.
The number of rigs drilling natural gas in the US increased by one to 69 rigs.
In the futures market, natural gas for August delivery touched an intraday high of Rs 144.20 and a low of Rs 136 per mmBtu on the Multi-Commodity Exchange (MCX). So far in the current series, natural gas has touched a low of Rs 121.40 and a high of Rs 159.40.
Natural gas futures for August delivery gained Rs 7.80, or 5.75 percent, to Rs 143.40 per mmBtu at 14:34 hours IST on a business turnover of 12,494 lots. The same for September delivery jumped Rs 7.50, or 5.07 percent, at Rs 155.40 per mmBtu on a business volume of 1,378 lots.
The value of August and September contracts traded so far is Rs 727.97 crore and Rs 33.63 crore, respectively.
Natural gas is likely to trade positively with support at Rs 136 and intermediate support at Rs 138 levels, according to Motilal Oswal. The brokerage firm advised its clients to buy on dips, targeting higher resistance at Rs 143-145.5.
At 09:07 (GMT), the natural gas prices were up 5.78 percent at $1.9 per mmBtu in New York.For all commodities related news, click here