The natural gas futures fell on August 5 after earning a critical profit in the previous session as the price reached $ 4.205 / mmBt-u, the highest rate since December 2018. The price of natural gas has risen by 3.27 percent yesterday in NYMEX.
Energy assets increased the decline in the afternoon program after the start of the flat-to-gap-up, tracking global trends.
For MCX, natural gas delivery in August dropped by Rs 3, or 0.97 percent, to Rs 306.80 per mmBtu in 14:34 hours with a business profit of 17,296 lots.
Gas delivery in September fell by Rs 2.90, or 0.93 percent, to Rs 307.90 per mmBtu with a business volume of 3,632 lots.
The number of August and September contracts sold to date is Rs 1,020.99 crore and Rs 81.71 crore, respectively.
The MCX COMDEX Natural Gas Index has dropped by 37.88 points or 1 percent to 3,748.27.
Sriram Iyer, Senior Research Analyst at Reliance Securities said, “The future of global natural gas is weakening this Thursday afternoon in Asian commerce ahead of details of tonight’s commodity reporting. Technically, NYMEX Gas Gas can sell at various levels of $ 4,000- $ 4,300. ”
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For the domestic sector, MCX Natural Gas August has strong support near Rs 307-Rs 304. Resistance levels are Rs 311-Rs 315 ”, Iyer added.
The weather is expected to remain much warmer than usual, followed by temperatures above 8-14 days in the United States and the need for cooling.
Market players are awaiting the Energy Information Administration (EIA) weekly collection report to be released later in the day. Expected construction of 21 Bcf, according to research provider Estimate.
Gas prices are supported by strong US LNG exports among global high prices.
Natural electricity has tested the new highs indicating strong purchasing power; however, it can only continue if the asset report meets or better market expectations. In addition to the commodity report, the U.S. climate and energy prices will also be considered, Kotak Securities said.
Technical
The stock has been selling more than 5, 20, 50, 100 and 200 simple moving averages and moving average values on the daily chart. The RSI strength index is at 66.71, which indicates a high price increase.
At 09:19 GMT, the price of natural gas had dropped by 0.67 percent to $ 4.13 per mmBtu per New York.
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