Natural gas and crude oil futures were up on the Multi Commodity Exchange (MCX) on Monday morning as Brent crude oil prices firmed up above $90 a barrel.
February natural gas futures were trading at ₹375.30 on MCX in the initial hour of Monday morning against the previous close of ₹361.70, up by 3.76 per cent. March futures of natural gas were at $4.975 on NYMEX, up by 6.60 per cent.
Reports said the demand for heating purposes and the likelihood of a winter storm in the northeast of the US are pushing demand for natural gas. Added to this, there is good demand for US gas from Europe and Asia. This has led export plants to work at record levels during January.
On the MCX, February crude oil futures were trading at ₹6,602 in the initial hour of Monday morning as against the previous close of ₹6,543, up by 0.90 per cent.
Brent oil futures were at $9.12, up by 1.21 per cent; and March crude oil futures on WTI at $87.97, up by 1.26 per cent.
Reports said the increasing geopolitical tensions in Eastern Europe and West Asiahave created anxiety in the market, as some market players fear a shortage in the supply of crude oil due to these factors.
February nickel futures were trading at ₹1,690 on MCX in the initial hour of trading on Monday morning, against the previous close of ₹1,694.10, down by 0.24 per cent.
Raw cotton gains
On the National Commodities and Derivatives Exchange (NCDEX), April kapas futures were trading at ₹2025 in the initial hour of trading on Monday morning, as against the previous close of ₹2008, up by 0.85 per cent.
February cottonseed oilcake futures were trading at ₹3165 on NCDEX in the initial hour of trading on Monday morning against the previous close of ₹3182, down by 0.53 per cent.