In the futures market, natural gas for June delivery touched an intraday high of Rs 135.80 and a low of Rs 133.20 per mmBtu on MCX.
Natural gas futures declined to Rs 134.7 per mmBtu on June 2 as participants increased their short positions.
Higher US gas stocks and demand concerns weigh on the natural gas price as the US stocks are 20 percent higher than the five-year average and are likely to remain elevated due to weak demand.
In the futures market, natural gas for June delivery touched an intraday high of Rs 135.80 and an intraday low of Rs 133.20 per mmBtu on MCX. So far, in the current series, natural gas has touched a low of Rs 132.50 and a high of Rs 179.10.
Natural gas delivery for June slipped Rs 2.10, or 1.53 percent, to Rs 135.60 per mmBtu at 18:13 hours IST with a business turnover of 16,162 lots.
Natural gas delivery for July was down Rs 2.10, or 1.44 percent, to Rs 143.70 per mmBtu with a business volume of 851 lots.
The value of June and July contracts traded so far is Rs 1,276.57 crore and Rs 32.97 crore, respectively.
MCX Natural Gas price is trading under a descending triangle pattern, price is expected to trade negatively. Sustaining below Rs 133.70 would drag price lower towards Rs 131-130 levels intraday, according to Axis Securities.
The hourly chart price has started trading below 21 and 60 EMA which is a bearish sign. The Relative Strength Index (RSI) is trading at 36 indicating low momentum in price.
At 12:50 pm (GMT), the natural gas price gained 0.79 percent quoting at $1.78 per mmBtu in New York.
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