Natural gas futures hit fresh lifetime high on supply concerns, strong demand

natural gas futures hit fresh lifetime high on supply concerns strong demand

Sumary of Natural gas futures hit fresh lifetime high on supply concerns, strong demand:

  • Natural gas futures climbed on September 15 and made a fresh lifetime high during intraday on the MCX due to tightness in the US market on supply disruption and robust domestic and export demand.
  • On the MCX, natural gas delivery for September surged by Rs 8.30, or 2.12 percent to Rs 399.70 per mmBtu at 14:34 hours with a business turnover of 9,987 lots.
  • MCX iCOMDEX Natural Gas Index advanced 85.55 points or 1.80 percent to 4,849.81.Kotak Securities said natural gas may remain volatile as market players question the sustainability of recent gains.
  • However, the general momentum may remain positive unless there is a substantial recovery in US output.
  • The momentum indicator Relative Strength Index (RSI) is at 81.83, which indicates an overbought level in the price.
  • “At 0931 GMT, the natural gas price climbed 3.67 percent at $5.45 per mmBtu in New York.

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