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Natural gas futures up 0.22% Rs 182.10 per mmBtu in afternoon trade

In the futures market, natural gas for August delivery touched an intraday high of Rs 183.30 and a low of Rs 181.40 per mmBtu on the MCX

August 20, 2020 / 03:10 PM IST

Natural gas futures rose to Rs 182.1 per mmBtu on August 20 as participants increased their long positions. The commodity fell 0.20 percent on the NYMEX on August 19.

Cooling demand due to hot weather in some part of the US, revival in US gas exports and storms moving across the Atlantic Ocean is lending support.

Participants are likely to take a further cues from weekly natural gas data to be released by US Energy Information Agency later in the day.

In the futures market, natural gas for August delivery touched an intraday high of Rs 183.30 and a low of Rs 181.40 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 184.20.

Natural gas futures for August delivery gained Rs 0.40, or 0.22 percent, to Rs 182.10 per mmBtu at 14:46 hours IST on a business turnover of 5,708 lots. The same for September delivery jumped by Rs 0.40, or 0.21 percent, at Rs 192.60 per mmBtu on a business volume of 1,923 lots.

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The value of August and September’s contracts traded so far is Rs 390.49 crore and Rs 18.38 crore, respectively.

Natural gas is expected to trade positively with support at Rs 177 and Rs 180 levels, according to Motilal Oswal. The brokerage firm advised its clients to buy on dips targeting higher resistance at Rs 185-188 zone.

At 09:19 (GMT), the natural gas price was down 0.12 percent quoting at $2.42 per mmBtu in New York.

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first published: Aug 20, 2020 03:10 pm
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