Natural gas futures down 0.22% in afternoon trade

Natural gas futures slipped to Rs 138.70 per mmBtu on May 20 as participants increased their short positions. Gas production in the United States stands at 83 billion cubic feet, the lowest since August 2018.

In the futures market, natural gas for May delivery touched an intraday high of Rs 138.50 and an intraday low of Rs 137.10 per mmBtu on the Multi-Commodity Exchange (MCX). So far in the current series, natural gas has touched a low of Rs 121.70 and a high of Rs 163.80.

Natural gas delivery for May traded lower by Rs 0.30, or 0.22 percent, to Rs 138.90 per mmBtu at 15:31 hours IST on a business turnover of 9,284 lots.

The same for June delivery eased Rs 1.60, or 1.05 percent, to Rs 150.90 per mmBtu on a business volume of 1,445 lots.

The value of May and June contracts traded so far is Rs 453.85 crore and Rs 30.32 crore, respectively.

Natural gas will trade with positive bias as long as Rs 132-130 is held as support whereas resistance is seen at Rs 140-142, according to Motilal Oswal. The broking firm advised its clients to buy on dips for the day.

At 10:06 (GMT), the natural gas traded flat at $1.83 per mmBtu in New York.

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