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Natural gas futures traded higher on the Multi Commodity Exchange (MCX) on Friday morning after prices in the US flared up all of a sudden.
February natural gas futures were trading at ₹327.30 on MCX in the initial hour of trading on Friday morning against the previous close of ₹321.10, up by 1.93 per cent. March futures of natural gas were at $4.360 on NYMEX, up by 0.51 per cent.
The sudden surge was seen in the US as a move to sideline those who have gone short in the futures market. The February contract increased by as high as 70 per cent ahead of its expiry. The March contract was also up but below 10 per cent.
Prospects of good demand for natural gas are driving up prices mainly. According to reports, there was the largest withdrawal of natural gas from storages in the third week of January. Reports said this was the largest withdrawal of natural gas from storage since the freeze in February 2021. Following this, the inventory levels in the US fell.
In addition to this, there is good demand for natural gas from Asia and Europe. Reports said this has helped keep export plants working at new record levels in January.
On MCX, February cotton futures were trading at ₹36810 in the initial hour of trading on Friday morning as against the previous close of ₹37030, down by 0.59 per cent.
Cottonseed oil cake up, jeera slips
On the National Commodities and Derivatives Exchange (NCDEX), February cottonseed oilcake futures were trading at ₹3,264 in the initial hour of trading on Friday morning against the previous close of ₹3255, up by 0.28 per cent.
March jeera contracts were trading at ₹19,275 on NCDEX in the initial hour of trading on Friday morning as against the previous close of ₹194,50, down by 0.90 per cent.
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