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.