Natural gas futures higher for 2nd straight day on firm demand; moving averages stay positive

Natural gas futures higher for 2nd straight day on firm demand; moving averages stay positive

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 26, 2021 / 03:21 PM IST





Natural gas futures surged for second successive day on October 26 as participants increased their long positions as seen by the open interest. The gas price had soared 2.93 percent yesterday on the NYMEX.

The energy commodity traded in the green but pared some gains in the afternoon session, tracking the firm global trend.

On the MCX, natural gas delivery for October jumped Rs 5, or 1.14 percent, to Rs 444.20 per mmBtu at 2.36 pm with a business turnover of 410 lots.

Gas delivery for November climbed by Rs 4.90, or 1.08 percent, to Rs 457.50 with a business volume of 5,807 lots.

The value of October and November contracts traded, so far, stood at Rs 86.95 crore and Rs 1,336.89 crore, respectively.

MCX Enrgdex dropped by 19 points or 0.29 percent at 6,631 at 2.39 pm. The index tracks the real-time performance of MCX Crude Oil and MCX Natural Gas futures.

“Natural gas price jumped 11% on Monday, owing to NOAA’s prediction of La Nina conditions, which will