Natural gas futures plunge 15.79% from last week#39;s high on profit-booking

Natural gas futures plunge 15.79% from last week#39;s high on profit-booking

The momentum indicator Relative Strength Index (RSI) is at 44.80, which indicates a bearish movement in the price.





Mumbai / October 19, 2021 / 03:07 PM IST





Natural gas futures plummeted for the second successive day on October 19 as participants increased their short positions as seen by open interest. Gas price had tumbled 7.8 percent on the NYMEX on Monday.

The energy commodity pared earlier losses to trade in the afternoon session, tracking subdued global cues.

On the MCX, natural gas delivery for October slipped Rs 6.30, or 1.73 percent, to Rs 375.40 per mmBtu at 2.30pm with a business turnover of 5,581 lots.

Gas delivery for November fell by Rs 7.9, or 1.97 percent, to Rs 394 with a business volume of 2,965 lots.

The value of October and November contracts traded so far stood at Rs 858.46 crore and Rs 131.13 crore, respectively.

MCX Enrgdex jumped by 24 points or 0.38 percent at 6,398 at 2:33pm. The index tracks the real-time performance of MCX Crude Oil and MCX Natural Gas futures.

Gas prices have tanked Rs 70.4 or 15.79 percent from the high of Rs 445.80 touched on October 14 due to profit-booking by traders as the forecast predicted milder weather in