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Natural gas futures jump 5.45% in afternoon trade

In the futures market, natural gas for July delivery touched an intraday high of Rs 141.80 and an intraday low of Rs 134.80 per mmBtu on the MCX

July 07, 2020 / 03:08 PM IST

Natural gas futures rose to Rs 141.60 per mmBtu on July 7 as participants increased their long positions. The commodity had risen 5.5 percent on the NYMEX on July 6.

Prediction of warm weather in the US, which may aid increased cooling demand, and upbeat economic data, which is suggesting a rebound in the US economy, is aiding prices.

In the futures market, natural gas for July delivery touched an intraday high of Rs 141.80 and an intraday low of Rs 134.80 per mmBtu on the Multi-Commodity Exchange (MCX). So far in the current series, natural gas has touched a low of Rs 115.50 and a high of Rs 184.50.

Natural gas delivery for July gained Rs 7.30, or 5.45 percent, to Rs 141.20 per mmBtu at 14:46 hours IST on a business turnover of 15,728 lots. The same for August delivery edged higher by Rs 6.90, or 4.95 percent, to Rs 146.40 per mmBtu on a business volume of 1,675 lots.

The value of July and August's contracts traded so far is Rs 960.60 crore and Rs 41.79 crore, respectively.

Natural gas will trade in a higher range as long as Rs 133 holds, whereas resistance is seen at Rs 142.50-146, according to Motilal Oswal.

At 09:18 (GMT), natural gas was up 2.84 percent at $1.88 per mmBtu in New York.

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Moneycontrol News
first published: Jul 7, 2020 03:08 pm

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