Natural gas futures head towards positive weekly close amid volatile trade

Natural gas futures head towards positive weekly close amid volatile trade

The momentum indicator Relative Strength Index is at 58.62, which suggests strength in the price.



Mumbai / October 08, 2021 / 03:37 PM IST





Natural gas futures soared on October 8 as traders raised their bullish bet as seen by the open interest. The gas price had fallen 1.39 percent on October 7 on the NYMEX.

The energy commodity traded in the green since morning and heads toward a positive weekly close, despite the sluggish overseas trend.

On the MCX, natural gas delivery for October jumped Rs 6.30, or 1.49 percent, to Rs 430.30 per mmBtu at 1459 hours with a business turnover of 4,454 lots.

Gas delivery for November increased by Rs 6.40, or 1.47 percent, to Rs 441.20 with a business volume of 2,177 lots.

The value of October and November contracts traded so far is Rs 2,098.97 crore and Rs 149.12 crore, respectively.

MCX Enrgdex advanced by 83 points or 1.34 percent at 6,278 at 15:01. The index tracks the real-time performance of MCX Crude Oil and MCX Natural Gas futures.

Natural gas futures recovered from session lows to finish in the green yesterday. Prices surged higher and closed higher after testing support at a 7 percent loss early in