Natural gas futures decline 2.03% in afternoon trade

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In the futures market, natural gas for July delivery touched an intraday high of Rs 132.70 and an intraday low of Rs 129.10 per mmBtu on the MCX

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Natural gas futures edged lower to Rs 130.30 per mmBtu on July 14 as participants increased their short positions. Prices came under pressure weighed down by rising coronavirus cases and higher US gas stocks impacting demand.

In the futures market, natural gas for July delivery touched an intraday high of Rs 132.70 and an intraday low of Rs 129.10 per mmBtu on the Multi-Commodity Exchange (MCX). So far in the current series, natural gas has touched a low of Rs 115.50 and a high of Rs 184.50.

Natural gas futures for July delivery slipped Rs 2.70, or 2.03 percent, to Rs 130.20 per mmBtu at 14:41 hours IST on a business turnover of 16,881 lots.

The same for August delivery was down Rs 1.70, or 1.24 percent, at Rs 135.30 per mmBtu on a business volume of 2,049 lots.

The value of July and August's contracts traded so far is Rs 537.78 crore and Rs 16.08 crore, respectively.

"Any sustained trade below its immediate support of Rs 129 will confirm weakness towards Rs 125-122 levels," Motilal Oswal said.

At 09:13 (GMT), the natural gas price was down 0.98 percent at $1.72 per mmBtu in New York.

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First Published on Jul 14, 2020 03:09 pm

Natural gas futures decline 2.03% in afternoon trade

In the futures market, natural gas for July delivery touched an intraday high of Rs 132.70 and an intraday low of Rs 129.10 per mmBtu on the MCX

tags #Business #Commodities #natural gas