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Natural gas futures up 3% at Rs 226 per mmBtu in afternoon trade

In the futures market, natural gas for November delivery touched an intraday high of Rs 228.30 and an intraday low of Rs 221.50 per mmBtu on MCX.
Nov 12, 2020 / 03:24 PM IST

Natural gas futures traded firm at Rs 226 per mmBtu on November 12 as participants increased their long positions as seen by the open interest. Natural gas price had jumped 2.8 percent yesterday on the NYMEX.

Market players are likely to take further cues from the US Energy Information Agency weekly data to be released later in the day.

The gas prices benefitted from increased storm activity in the Atlantic, however, the forecast of mild weather in parts of the US would cap the upside.

In the futures market, natural gas for November delivery touched an intraday high of Rs 228.30 and an intraday low of Rs 221.50 per mmBtu on MCX. So far in the current series, natural gas has touched a low of Rs 210.10 and a high of Rs 251.30.

Natural gas delivery for November soared Rs 6.80, or 3.10 percent, to Rs 226 per mmBtu at 14:22 hours IST with a business turnover of 11,096 lots.

Natural gas delivery for December edged higher Rs 7.20, or 3.15 percent, to Rs 235.80 per mmBtu with a business volume of 1,306 lots.

The value of November and December’s contracts traded so far is Rs 1,535.90 crore and Rs 52.47 crore, respectively.

Natural gas may witness choppy trade as market participants shift focus from milder weather to weekly inventory report, however, the general bias is still weak, said Kotak Securities.

At 08:54 (GMT), the natural gas price eased 0.40 percent quoting at $3.06 per mmBtu in New York.

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Moneycontrol News
first published: Nov 12, 2020 03:24 pm

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