Natural gas futures rise 4.22% to Rs 209.70 per mmBtu on positive global cues

Natural gas futures traded firm at Rs 209.70 per mmBtu on October 20 as participants increased their long positions. The commodity had gained 2 percent on the NYMEX on October 19.

Rising LNG exports amid higher international prices, easing storm worries and restart of some plants post maintenance are supporting gas prices.

In the futures market, natural gas for October delivery touched an intraday high of Rs 210.70 and a low of Rs 205.50 per mmBtu on the Multi-Commodity Exchange (MCX). So far in the current series, natural gas has touched a low of Rs 179.10 and a high of Rs 221.

Natural gas futures for October delivery gained Rs 8.50, or 4.22 percent, to Rs 209.70 per mmBtu at 14:13 hours IST on a business turnover of 9,968 lots. The same for November delivery rose Rs 2.50, or 1.04 percent, to Rs 242.20 per mmBtu on a business volume of 2,942 lots.

The value of October and November’s contracts traded so far is Rs 1,189.30 crore and Rs 56.74 crore, respectively.

Kotak Securities recommends sell on rise amid mixed demand outlook and a well-supplied US market.

Geojit Financial Services sees the commodity 'remaining choppy' inside Rs 188-212 levels initially. "Breaking any of the sides would suggest a further direction to the commodity”

At 08:47 (GMT), the natural gas price was up 2 percent at $2.85 per mmBtu in New York.