MCX Natural Gas Prices Surge 2.03%, Setting Up Bullish Momentum
Natural Gas Prices Experience a Surge on Friday, Leading to a Mildly Bullish Outlook for Monday
The price of natural gas surged by 2.03% to Rs 266.40/mmBtu on August 21st, marking the strongest single-day gain this week for MCX Natural Gas Mini (26 Aug). Ankit Jaiswal's analysis identifies support at Rs 262-263 and resistance at Rs 266.80.
The natural gas price prediction for Monday benefits from the US EIA weekly natural gas storage report, which showed a smaller-than-expected inventory build, indicating tighter US supply and supporting the bullish momentum.
Kunal Singla notes that the approaching expiry of the MCX Natural Gas 26 August contract may amplify price moves in the near-month contract heading into Monday, but participants should ensure they roll forward to September before Monday's MCX open if holding near-month positions.