Natural gas prices up over 4% this week

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Natural gas prices climbed 4.05 percent this week to settle at Rs 379.90 per mmBtu on the MCX after scaling a new 52-week high to touch the highest level since October 2008 during the week. The energy price jumped in three out of five trading sessions on the domestic bourse.

The gas price hit Rs 400/mmBtu level for the first time on MCX and touched a high of $5.65 on the NYMEX on Wednesday but succumbed to profit-taking at a higher level and disappointing inventory report.

The energy commodity has risen 108.62 percent year-to-date on the MCX and 99.33 percent on the NYMEX in the same period making it the best performing commodity in 2021.

The gas price has been trading higher than the 20, 50, 100, and 200-day simple and exponential moving averages but lower than the 5-day simple and exponential moving average (EMA) on a daily chart. The momentum indicator Relative Strength Index (RSI) is at 67.71, which suggests a buy in the prices and MACD is holding above the Zero Line at 22.87 indicating strength in the price.

The EIA reported that the US natural gas inventories rose by 83 billion cubic feet (Bcf) for the week ended September 10 against an expectation of 76 Bcf rise and a 5-year average increase of 79 Bcf for this time of the year.

The gas prices have been supported by robust demand for US LNG exports, a slow start of production in the Gulf of Mexico region and a new storm brewing in the Atlantic.

However, weighing on the price is the end of the summer season which may reduce cooling demand.

In its weekly report, Baker Hughes said the number of rigs drilling natural gas in the US fell by 1 to 100 rigs for the week to September 17, the rig count fell for the second successive week.

MCX iCOMDEX Natural Gas Index decreased 91.58 points or 1.93 percent to end at 4,649.79.

In the futures market, natural gas for September delivery touched an intraday high of Rs 397 and an intraday low of Rs 379.80 per mmBtu on MCX. So far in the current series, natural gas has touched a low of Rs 263.20 and a high of Rs 414.80.

Natural gas delivery for September fell Rs 9.60, or 2.46 percent to settle at Rs 379.90 per mmBtu with a business turnover of 6,712 lots.

Natural gas delivery for October declined by Rs 9.90, or 2.52 percent, to close at Rs 383.60 per mmBtu with a business volume of 3,912 lots.

The September and October contracts traded on Friday were at Rs 5,496.19 crore and Rs 792.46 crore, respectively.

Natural gas price settled with a loss of 5.14 percent at $5.06 per mmBtu in New York.

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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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