Natural gas futures slide for fourth day in a row; price drops below Rs 400/mmBtu

Natural gas futures slide for fourth day in a row; price drops below Rs 400/mmBtu

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



October 12, 2021 / 03:28 PM IST





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Natural gas futures on October 12 fell for the fourth successive day, dropping below Rs 400/mmBtu as participants raised their short bets as seen by the open interest. The gas price had fallen 4 percent yesterday on the NYMEX.

The energy commodity slipped into the red after a gap-up start in the afternoon session, tracking weak global cues.

On the MCX, natural gas delivery for October dipped Rs 6.80, or 1.68 percent, to Rs 398.80 per mmBtu at 1435 hours with a business turnover of 4,846 lots.

Gas delivery for November dropped by Rs 5.60, or 1.34 percent, to Rs 412.30 with a business volume of 2,296 lots.

The value of October and November contracts traded so far is Rs 1,304.68 crore and Rs 98.61 crore, respectively.

MCX Enrgdex slides by 33 points or 0.52 percent at 6,318 at 14:38. The index tracks the real-time performance of MCX Crude Oil and MCX Natural Gas futures.

"Natural gas may remain volatile as market players wait