In the futures market, natural gas for September delivery touched an intraday high of Rs 171.60 and a low of Rs 158.40 per mmBtu on the MCX
Natural gas futures climbed Rs 165.20 per mmBtu on September 24 as participants increased their long positions. The commodity had jumped 15.9 percent on September 23 on NYMEX.
Prices rallied after reports of disruption from storm-related flooding to LNG facilities in Texas as well as signs of strong demand.
In the futures market, natural gas for September delivery touched an intraday high of Rs 171.60 and a low of Rs 158.40 per mmBtu on the Multi-Commodity Exchange (MCX). So far in the current series, the commodity has touched a low of Rs 131.30 and a high of Rs 203.
Natural gas futures for September delivery gained Rs 11, or 7.13 percent, to Rs 165.20 per mmBtu at 15:04 hours IST on a business turnover of 4,927 lots. The same for October delivery was up Rs 3.9, or 1.9 percent, at Rs 209.40 per mmBtu on a business volume of 4,825 lots.
The value of September and October’s contracts traded so far is Rs 1,160.10 crore and Rs 421.12 crore, respectively.
"Natural gas has recovered from the lows. However, momentum may continue only if US Energy Information Administration (EIA) reports a much smaller than expected rise in gas stocks," Kotak Securities said.
At 09:36 (GMT), natural gas is trading 4.42 percent higher at $2.21 per mmBtu in New York.
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