Pankaj Jain's comments follows contracts signed by govt for 34 oil exploration blocks; minister Hardeep Singh Puri asserts energy crisis in Europe far worse than India
As global prices soar, another committee to review gas pricing policies may find the going more challenging
The bias for MCX Crude Oil September futures is likely to favour the bears as long as the commodity trades below Rs 7,170; For MCX Natural Gas futures the key support range of Rs 630 - Rs 620.
Nord Stream 1 is the biggest pipeline transporting cheap natural gas between Russia and Europe via Germany
Poland and Slovakia celebrated launch of new pipeline connecting them, which enables Warsaw to import 5.7 billion cubic meters (bcm) of natural gas and grants Bratislava access to 4.7 bcm each year
The embracing of nuclear energy comes after the prices of natural gas and coal, the two fossil fuels used to generate most of Asia's power, shot to records this year as Russia's invasion of Ukraine up
The overall bias for Crude Oil remains negative, however, select momentum oscillators have turned positive on the daily chart. Natural Gas futures could see sharp directinal moves, hints ADX indicator
Sustained trade below Rs 6,940-level, can trigger a sharp slide in MCX Crude Oil August futures; Bias for Natural Gas futures has turned marginally negative.
The MCX Crude Oil futures could dip briefly below the 200-DMA at Rs 7,275 indicates the weekly momentum oscillators. Bias for Natural Gas futures no longer negative.
The price revision comes amidst rising prices of the natural gas at source both internationally as well as for domestically drilled gas.
Meanwhile, the Natural Gas futures soared nearly 79 per cent in the last 15 trading sessions to a new high of Rs 760; the commodity could witness some profit-taking now.
Reliance Industries Lenergy td expects prices of natural gas in India to rise again in October but wants government-dictated caps to go, in a bid to align domestic rates with global energy prices
The industry is passing through a "bad phase" due to rise in natural gas prices, a company official said on Wednesday.
The MCX Crude Oil futures has near support at Rs 7,550, below which it can slide towards the 200-DMA. Natural Gas need to sustain above the 20-DMA to maintain its positive bias.
In short, natural gas now rivals oil as the fuel that shapes geopolitics. And there isn't enough of it to go around
The key support levels for the MCX Crude Oil and Natural Gas futures for the remainder of the week are Rs 8,545 and Rs 502.30, respectively.
Front-month benchmark futures rose as much as 5.8% after German Economy Minister Robert Habeck enacted the "alarm" phase of the emergency plan, saying that Europe's biggest economy is in a gas crisis
The MCX Crude Oil futures seem on course to test the 100-DMA around Rs 8,050-level; Select momentum oscillators on Natural Gas have hit oversold territory, thus a pull-back rally can be expected.
The MCX Natural Gas futures can slide all the way towards its 100-DMA placed at Rs 485-level; Crude Oil prices may see share reaction on breakout of the Rs 9,000-9,700 expected trading band.
Benchmark futures traded in Amsterdam snapped a six-day falling streak, while UK prices soared as much as 39% before paring gains