Natural Gas Futures down 1.16% in afternoon Trade

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In the futures market, natural gas for July delivery touched an intraday high of Rs 136.70 and an intraday low of Rs 133.10 per mmBtu on the MCX

Natural gas futures eased to Rs 135.80 per mmBtu on July 13 as participants increased their short positions. The commodity gained 4.1 percent on NYMEX last week.

The number of rigs drilling for natural gas in the US fell by one to 75 last week.

In the futures market, natural gas for July delivery touched an intraday high of Rs 136.70 and an intraday low of Rs 133.10 per mmBtu on the Multi-Commodity Exchange (MCX). So far in the current series, the commodity has touched a low of Rs 115.50 and a high of Rs 184.50.

Natural gas futures for July delivery slipped Rs 1.6, or 1.16 percent, to Rs 135.80 per mmBtu at 14:41 hours IST on a business turnover of 13,216 lots.

The same for August delivery was down Rs 1.30, or 0.92 percent at Rs 139.60 per mmBtu on a business volume of 1,792 lots.

The value of July and August’s contracts traded so far is Rs 747.30 crore and Rs 24.93 crore, respectively.

Natural gas is likely to trade with a positive bias as long as Rs 131 holds (short-term support), whereas resistance is at Rs 139-142, according to Motilal Oswal.

At 09:13 (GMT), the natural gas price was down 0.66 percent at $1.79 per mmBtu in New York

SOURCE: Money Control