Natural gas futures drop ahead of EIA inventory report amid muted global cues

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The momentum indicator Relative Strength Index (RSI) is at 63.62, which indicates a bullish trend in the price.

Natural gas futures traded slightly lower on October 28 as the market awaited Energy Information Administration (EIA) weekly inventory report scheduled for release later in the day. The gas price had climbed 5.44 percent on Wednesday on the NYMEX.

The energy commodity recouped morning losses to trade in the negative in the afternoon trade, tracking muted global trend.

On the MCX, natural gas delivery for November slipped by Rs 1.90, or 0.41 percent, to Rs 463.80 per mmBtu at 2.55pm with a business turnover of 5,573 lots.

Gas delivery for December dipped by Rs 3, or 0.63 percent, to Rs 470.20 with a business volume of 1,153 lots.

The value of November and December contracts traded so far stood at Rs 1,103.09 crore and Rs 61.91 crore, respectively.

MCX Enrgdex fell by 67 points or 1.01 percent at 6,549 at 2.58pm. The index tracks the real-time performance of MCX Crude Oil and MCX Natural Gas futures.

Natural gas witnessed sharp volatility in the last few days amid position squaring near contract expiration and this may subside focus shift to inventory report, said Kotak Securities.

However, weighing on the price is the correction in global natural gas and coal prices.

Market participants now look forward to EIA weekly inventory report scheduled for release later today. Expectations are for a 86 billion cubic feet (Bcf) build in stockpiles. The five-year average increase for this time of the year is 62 Bcf.

The weather is expected to be colder than normal throughout the mid-West over the next 6-10 days but then turn milder throughout most of the West Coast.

Technicals

The commodity has been trading higher than 5, 20, 50, 100, and 200-day simple and exponential moving averages on the daily chart. The momentum indicator Relative Strength Index (RSI) is at 63.62, which indicates a bullish trend in the price.

At 9.36am GMT, the natural gas price dropped 0.44 percent to $6.17 per mmBtu in New York.

For all commodities-related news, click here

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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