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Natural gas and crude oil futures traded higher on the Multi Commodity Exchange (MCX) on Wednesday morning as US inventories continued to decline and outlook for a colder weather in the US over the next few weeks.
February natural gas futures traded at ₹331 on MCX in the initial hour of Wednesday morning against the previous close of ₹319.90, up by 3.47 per cent, and March natural gas futures were at ₹324.90 against the previous close of ₹316.50, up by 2.65 per cent.
March natural gas futures were at $4.396 on NYMEX, up by 0.07 per cent. Reports said the expectation of colder weather in the US in the coming weeks is leading to a demand for natural gas. Added to this, natural gas production in the US, which was affected by weather-related issues during the past few weeks, is recording a slow return. This is also helping in determining its price.
Tension eases
March crude oil futures were trading at ₹6,785 on MCX in the initial hour of Wednesday morning against the previous close of ₹6,771, up by 0.21 per cent; and the February futures were trading at ₹6,912 against the previous close of ₹6891, up by 0.30 per cent.
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April Brent oil futures were at $93.05, down by 0.25 per cent; and March crude oil futures on WTI at $91.98, down by 0.10 per cent.
Reports said investors are analysing the situation after the de-escalation of the tension between Russia and Ukraine. It was reported that the some Russian forces are returning back to their bases from the borders. Russia is one of the major producers of crude oil.
Reports also noted that situation for the supply of crude oil across the globe still remains tight, and there is increase in the demand for the fuel. These factors have helped in holding the prices steady.
On MCX, February menthaoil futures were trading at ₹957.70 in the initial hour of Wednesday morning against the previous close of ₹961.90, down by 0.44 per cent.
Turmeric up
On the National Commodities and Derivatives Exchange (NCDEX), April turmeric (farmer finished) contracts were trading at ₹9,832 in the initial hour of Wednesday morning against the previous close of ₹9,734, up by 1.01 per cent.
February cottonseed oilcake futures were trading at ₹3,250 on NCDEX in the initial hour of Wednesday morning against the previous close of ₹3,278, down by 0.85 per cent.
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