• 11/08/2022 8:28 pm

In the futures market, natural gas for August delivery touched an intraday high of Rs 178.90 and a low of Rs 175.80 per mmBtu on the MCX

Natural gas futures dipped to Rs 176.8 per mmBtu on August 21 as participants increased their short positions. The commodity had declined 3.1 percent on the NYMEX on August 21.

Prices fell as investors booked profit amid lack of fresh cues from the US Energy Information Administration (EIA), which reported that US natural gas weekly inventories jumped by 43 billion cubic feet (bcf) for the week ended August 14. However, hot weather in some parts of the US capped the downside.

In the futures market, natural gas for August delivery touched an intraday high of Rs 178.90 and a low of Rs 175.80 per mmBtu on the Multi-Commodity Exchange (MCX). So far in the current series, natural gas has touched a low of Rs 121.4 and a high of Rs 184.2.

Natural gas futures for August delivery slipped Rs 1.4, or 0.79 percent, to Rs 176.8 per mmBtu at 14:43 hours IST on a business turnover of 6,956 lots.

The same for September delivery eased Rs 0.9, or 0.48 percent, to Rs 188.4 per mmBtu on a business volume of 1,864 lots.

The value of August and September’s contracts traded so far is Rs 546.66 crore and Rs 33.92 crore, respectively.

Natural gas is expected to trade negatively with a resistance at Rs 180 and Rs 178 levels, according to Motilal Oswal. The brokerage firm advised its clients to sell on rallies targeting lower support at Rs 174-172.

At 09:15 (GMT), the commodity was up 0.21 percent at $2.35 per mmBtu in New York.

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