Natural gas prices surged 6.88 percent this week to settle at Rs 365.20 per mmBtu on the MCX after hitting a fresh 52-week high to touch the highest level since October 2008, during the week. The energy price rose in three out of five trading sessions on the domestic bourse.
The gas price has been a top-performing commodity in 2021, rising 14.74 percent so far in September and 100.55 percent year-to-date (YTD).
The gas price has been trading higher than the 5, 20, 50, 100, and 200-day simple moving averages (SMA) and exponential moving averages (EMA) on a daily chart. The momentum indicator Relative Strength Index (RSI) is at 74.25, which suggests an upbeat momentum in the prices and MACD is holding above the Zero Line indicating further strength in the price.
The EIA reported that the US natural gas inventories rose by 52 billion cubic feet (Bcf) for the week ended September 3. The Department of Energy in its September short-term energy outlook expects consumption of United States natural gas to decline in 2021 and 2022 from 2020 levels.
The weather is expected to be cooler in the next 8-14 days which will reduce cooling demand.
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