Natural gas futures rise on firm demand; expert backs buy-on-dip strategy

Natural gas futures rise on firm demand; expert backs buy-on-dip strategy

Money managers raised their net long positions by 2,015 lots last week, the CFTC data showed.



Mumbai / October 11, 2021 / 03:10 PM IST





Natural gas futures on November 11 jumped as participants increased their long positions as seen by the open interest. The gas price rally fizzled out after hitting a fresh high of Rs 485 last week on the MCX due to profit booking and ended the week with a gain of 0.72 percent.

The energy commodity traded in the green since morning, tracking the bullish global trend.

On the MCX, natural gas delivery for October soared Rs 14.70, or 3.48 percent, to Rs 436.80 per mmBtu at 1430 hours with a business turnover of 4,018 lots.

Gas delivery for November climbed by Rs 14.70, or 3.39 percent, to Rs 448.40 with a business volume of 2,279 lots.

The value of October and November contracts traded so far is Rs 1,030.39 crore and Rs 107.97 crore, respectively.

MCX Enrgdex increased by 184 points or 2.94 percent at 6,439 at 14:3. The index tracks the real-time performance of MCX Crude Oil and MCX Natural Gas futures.

"Throughout October, the price movement reflects some concerns about high rates in Europe and Asia, but