

Natural Gas prices witnessed a volatile week, with mid-week gains of nearly +10% driven by record LNG export demand and colder weather forecasts boosting expectations for higher heating fuel consumption. Regional price spikes and contract expirations also contributed to the short-term surge, even as high domestic production levels continued to cap broader gains. Strong global demand fundamentals and shifting weather patterns are expected to lend near-term support to prices.
NYMEX Natural Gas extended its bullish momentum for the 2nd consecutive week, closing at $4.14/MMBtu after testing higher levels during the week. Prices maintained strength above key short-term supports, with support zones identified at $3.70–$3.20, while immediate resistance is seen around $4.20–$4.50. Sustained movement above these levels could signal a continuation of the current bullish trend in the near term.
MCX Natural Gas closed the week at 364.9, and forming a strong bullish marubozu candle, reflecting persistent buying interest. The November contract successfully closed above its 20, 50, and 100 DEMA levels placed at 338.9, 340.3, and 355.5, respectively. The 200 DEMA at 376.9 remains the key hurdle; a breakout above this level may open room for a further rally towards ₹400. Open Interest (OI) saw an addition of nearly 6,000 lots, indicating fresh long build-up alongside higher prices. On the indicator front, the RSI stands at 61.54, showing improving momentum just below overbought levels, while MACD remains in positive crossover, confirming a strengthening bullish bias. Rising volumes further validate increasing market participation and the potential for trend continuation.
Overall, the short-to-medium term outlook for Natural Gas remains moderately bullish, with traders advised to follow a buy-on-dips strategy while monitoring price action around the 376–400 resistance zone for confirmation of sustained upward momentum.
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 325 | 340 | 365.40 | 376 | 400 |
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