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Natural gas futures trade flat on higher inventory buildup; bias remains on downside

Technically, NYMEX Natural gas could trade in a range of $2.85-3.10 levels in the coming session.

Mumbai / May 28, 2021 / 03:48 PM IST

Natural gas futures were steady on Friday after declining 2.3 percent yesterday on a disappointing inventory report. The gas price has been trading in a downtrend below the resistance line of 15-SMA of the intraday chart placed at Rs 217.30.

On the Multi-Commodity Exchange (MCX), natural gas delivery for June modestly gained by Rs 0.20, or 0.09 percent, to Rs 215 per mmBtu at 14:26 hours IST with a business turnover of 14,884 lots.

Natural gas delivery for July fell Rs 0.10, or 0.05 percent, to Rs 217.30 per mmBtu with a business volume of 1,282 lots.

The value of June and July’s contracts traded so far is Rs 444.99 crore and Rs 22.13 crore, respectively.