Natural gas futures jumped to Rs 148 per mmBtu on May 27 as participants increased their long positions.
The natural gas price was supported by firmness in crude oil price, lower US gas production and forecast of warm weather in US.
In the futures market, natural gas for June delivery touched an intraday high of Rs 150,30 and an intraday low of Rs 146.80 per mmBtu on MCX. So far in the current series, natural gas has touched a low of Rs 138.60 and a high of Rs 179.10.
Natural gas delivery for June gained by Rs 0.80, or 0.54 percent, to Rs 147.90 per mmBtu at 18:08 hours IST with a business turnover of 9,387 lots.
Natural gas delivery for July was up Rs 0.20, or 0.13 percent, to Rs 153.70 per mmBtu with a business volume of 566 lots.
The value of June and July contracts traded so far is Rs 1,202.05 crore and Rs 21.26 crore, respectively.
MCX Natural Gas price is expected to trade positively with support at Rs 147 and intermediate support at Rs 149 level, according to Motilal Oswal. The broking advised its clients to buy on dips targeting higher resistance at Rs 153-155 zone.
At 12:42 pm (GMT), the natural gas price slipped 1.13 percent quoting at $1.92 per mmBtu in New York.