Natural gas futures slip below Rs 450/mmBtu on tepid global cues

Natural gas futures slip below Rs 450/mmBtu on tepid 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 27, 2021 / 03:15 PM IST





The momentum indicator Relative Strength Index (RSI) is at 60.74, which suggests strength in the price.



Natural gas futures fell below Rs 450/mmBtu on October 27 as participants raised their short positions as seen by the open interest. The gas price had fallen 0.27 percent yesterday on the NYMEX.

The energy commodity traded in the red since morning, tracking the weak overseas cues.

On the MCX, natural gas delivery for November declined by Rs 5.60, or 1.24 percent, to Rs 447.30 per mmBtu at 2.49 pm with a business turnover of 5,300 lots.

Gas delivery for December edged lower by Rs 5.60, or 1.22 percent, to Rs 454.70 with a business volume of 1,023 lots.

The value of November and December contracts traded so far stood at Rs 577.49 crore and Rs 33.61 crore, respectively.

MCX Enrgdex dropped by 94 points or 1.40 percent at 6,597 at 2.51 pm. The index tracks the real-time performance of MCX Crude Oil and MCX Natural Gas futures.

“Natural gas price fell slightly yesterday after