Some market participants feel the winter demand from South Korea, India and China contributed to the increase in the prices of natural gas | Photo Credit: creuxnoir
Natural gas and crude oil futures continued to trend upwards during afternoon trading on the Multi Commodity Exchange (MCX) on Monday.
On MCX, December natural gas futures were trading at ₹302.30 against the previous close of ₹297.70, up by 1.61 per cent; and the January crude oil futures were trading at ₹5,485 against the previous close of ₹5,416, up by 1.27 per cent.
Some market participants feel the winter demand from South Korea, India and China contributed to the increase in the prices of natural gas. The expectations of slightly colder temperatures during the winter season are boosting the demand in the US markets.
Also read: Prices of most commodities likely to ease in 2022
January futures of natural gas were trading $3.986 on NYMEX, up by 1.55 per cent. According to reports, new weather models suggested some parts of the US facing significantly colder temperatures during December.
In the case of crude oil, the global markets are expecting a good demand as the fears of the impact of omicron variant of coronavirus on the economy are coming down. February Brent oil futures were trading at $75.78, up by 0.84 per cent; and January crude oil futures on WTI were trading at $72.27, up by 0.84 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December futures of guar gum were trading at ₹10,442 as against the previous close of ₹10,232, up by 2.05 per cent in the Monday afternoon trading. Guar gum gains when crude oil prices increase as the commodity is used in oil extraction.
Also read: Natural gas, crude oil gain on Asian winter demand, guar gum heads north
On MCX, December mentha oil futures were trading at ₹958 on Monday afternoon against the previous close of ₹962, down by 0.42 per cent. On NCDEX, the December crude palm oil futures were trading at ₹1,104 against the previous close of ₹1,116, down by 1.08 per cent, in the Monday afternoon trading.
Published on December 13, 2021
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