Natural gas futures were trading higher on the Multi Commodity Exchange (MCX) in early trades on Tuesday . The January natural gas contracts were trading at ₹305.50 on MCX, up by 1.03 per cent.

The February futures of natural gas was trading at $4.127 on NYMEX, up by 0.34 per cent.

Market reports noted that cold weather in many parts of the US is pushing demand for natural gas for power purposes.

Reports also noted that the drop in temperature has led to the freezing of natural gas wells in Texas, New Mexico, North Dakota, Pennsylvania, West Virginia and Ohio. This has impacted the natural gas output from those wells. Added to this, natural gas exports from the US are getting good demand.

The January crude oil futures were trading higher by 0.53 per cent at ₹5,826 in early session against the previous close of ₹5,795.

The March Brent oil futures were at $81.25, up by 0.47 per cent; and the February crude oil futures on WTI at $78.75, up by 0.66 per cent.

Market reports noted that the oil prices went up considering the supply constraints among some members of OPEC (Organization of the Petroleum Exporting Countries) and its allies. Though the January 4 meeting of OPEC+ decided to adjust upward the monthly overall production by 400,000 barrels a day for February, some members are finding it difficult to increase the output due to various factors.

The January menthaoil futures were trading at ₹1012.50 on MCX in the initial hour of Tuesday morning against the previous close of ₹1018.80, down by 0.62 per cent.

NCDEX

On the National Commodities and Derivatives Exchange (NCDEX), the January steel long contracts were trading up by 2.33 per cent at ₹45,200 on Tuesday morning against the previous close of ₹44,170.

The January cottonseed oilcake futures were trading at ₹3,311 on NCDEX against the previous close of ₹3,328, down by 0.51 per cent

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