Natural gas futures drop ahead of EIA inventory report amid muted global cues

Natural gas futures drop ahead of EIA inventory report amid muted global cues

Natural gas has been trading higher than 5, 20, 50, 100, and 200-day simple and exponential moving averages on the daily chart.





Mumbai / October 28, 2021 / 03:36 PM IST





The momentum indicator Relative Strength Index (RSI) is at 63.62, which indicates a bullish trend in the price.



Natural gas futures traded slightly lower on October 28 as the market awaited Energy Information Administration (EIA) weekly inventory report scheduled for release later in the day. The gas price had climbed 5.44 percent on Wednesday on the NYMEX.

The energy commodity recouped morning losses to trade in the negative in the afternoon trade, tracking muted global trend.

On the MCX, natural gas delivery for November slipped by Rs 1.90, or 0.41 percent, to Rs 463.80 per mmBtu at 2.55pm with a business turnover of 5,573 lots.

Gas delivery for December dipped by Rs 3, or 0.63 percent, to Rs 470.20 with a business volume of 1,153 lots.

The value of November and December contracts traded so far stood at Rs 1,103.09 crore and Rs 61.91 crore, respectively.

MCX Enrgdex fell by 67 points or 1.01 percent at 6,549 at 2.58pm. The index tracks the real-time performance of MCX Crude Oil and MCX