NATURAL GAS AND CRUDE OIL TRADED HIGHER ON DEMAND UPTICK

Natural gas delivery for February gained 4.85 percent, to Rs 218.40 per mmBtu. Natural gas delivery for March edged higher 7.70 percent, to Rs 214.80 per mmBtu on expectations of increased demand. In the futures market, natural gas for February delivery touched an intraday high of Rs 219.10 and an intraday low of Rs 205.60 per mmBtu on MCX.

The price surged on increased fuel demand as the Northeastern US has been hit by a powerful winter snowstorm, pummeling a vast swath stretching from Pennsylvania through New England and causing widespread disruption in New York City and other major urban centers in the region.

Oil prices rose on Tuesday after major producers showed they were cutting crude output in line with their commitments on restraint, supporting a market thrown out of kilter by weak demand during the coronavirus pandemic. Crude oil for the February delivery rose by 2.69 per cent, to Rs. 4010 per barrel and touched an intraday high of Rs. 4011 and an intraday low of Rs. 3944 per barrel in morning session.