Natural gas futures fall nearly 2% to Rs 197.2 per mmBtu ahead of weekly inventory report

 Petroleum gas prospects dropped to Rs 197.2 per mmBtu on January 7 as members expanded their long situations as seen by the open interest. Flammable gas cost had picked up 0.52 percent yesterday on the NYMEX. 

Flammable gas costs broadened decrease in the early evening meeting after a hole down opening and exchanged close to day's low. 

Gaseous petrol costs revitalized over the most recent couple of days on solid LNG trades, level creation and conjecture of colder climate expanding private warming interest. 

Market members will follow US Energy Information Agency week after week stock report later in the day. 

MCX iCOMDEX Natural Gas Index fell 49.31 focuses or 1.99 percent to 2,430.96. 


Kshtij Purohit, Product Manager Currency and Commodities, CapitalVia Global Research Limited stated, "Gaseous petrol has exchanged positive yet faces obstruction at 50 Days SMA which is put at Rs 203.30 levels during the last exchanging meeting. The day temperature viewpoint indicating colder than anticipated temperatures likely across the Southeastern US is steady at the petroleum gas costs." 

Gaseous petrol has uphold at Rs 195-192 while opposition is at Rs 201-203, he said. 

In the fates market, gaseous petrol for January conveyance contacted an intraday high of Rs 201.40 and an intraday low of Rs 196.20 per mmBtu on MCX. So far in the current arrangement, petroleum gas has contacted a low of Rs 167.40 and a high of Rs 255.90. 

Flammable gas conveyance for January fell Rs 4, or 1.99 percent, to Rs 197.20 per mmBtu at 14:29 hours IST with a business turnover of 9,684 parts. 

Petroleum gas conveyance for January slides Rs 3.60, or 1.81 percent, to Rs 195.60 per mmBtu with a business volume of 2,244 parts. 

The estimation of January and February's agreements exchanged so far is Rs 1,378.09 crore and Rs 46.09 crore, separately. 

Petroleum gas may stay sideways in front of stock report anyway we may take note of certain increases if EIA reports a greater than anticipated decrease in stocks, said Kotak Securities. 

At 09:06 (GMT), the flammable gas cost was down 1.18 percent citing at $2.68 per mmBtu in New York.

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