Mumbai / August 03, 2021 / 15:10 IST
Natural gas futures traded marginally higher on August 3 owing to higher cooling demand and robust LNG exports. The gas prices had soared 0.5 percent yesterday on the NYMEX.The energy commodity traded flat after a gap-up start, tracking the strong global trend.On the MCX, natural gas delivery for August gained Rs 0.10, or 0.03 percent, to Rs 295.60 per mmBtu at 14:36 hours with a business turnover of 12,737 lots.Gas delivery for September rose Rs 0.30, or 0.10 percent, to Rs 296.60 per mmBtu with a business volume of 2,044 lots.The value of August and September's contracts traded so far is Rs 830.11 crore and Rs 53.12 crore, respectively.MCX iCOMDEX Natural Gas Index moderately increased 3.67 points or 0.10 percent to 3,615.06.Kotak Securities expect natural gas to continue within the recent range unless there are fresh triggers. However general bias may be on the downside amid demand concerns. The focus may continue to be on US weather and trend in energy prices.The gas price was also impacted by volatility in crude oil.TechnicalsThe energy commodity has been trading higher than 20, 50, 100 and 200 days' moving averages but lower than the 5-day moving averages on the daily chart. The momentum indicator Relative Strength Index (RSI) is at 62.37, which suggests strength in the price.Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited, “MCX Natural gas has been trading with marginally downward to sideways momentum, sustaining below the resistance of 15-SMA of hourly chart placed at Rs 297 since the previous evening. The weather is expected to remain warmer than average for the next 6-10 days and then moderate but remains warmer than normal throughout the United States.At 0909 GMT, the natural gas price was up 1.07 percent at $3.97 per mmBtu in New York.For all commodities-related news, click here
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