MCX Natural Gas has surged 2.86% to ₹298.20/mmBtu this morning, the standout mover in an otherwise flat MCX session. The driver is Henry Hub, where $3.15/mmBtu reflects tightening US storage builds — last week's EIA injection came in below seasonal expectations, squeezing near-term supply comfort. The twist: price is sitting exactly at the 20-day range floor of ₹298 and well below the 20-SMA of ₹303 — this bounce is recovering lost ground, not breaking new territory. With USD/INR holding at ₹94.72, Indian LNG spot procurement costs are amplified; every $0.10 rise in Henry Hub adds roughly ₹118 per lot for MCX contract holders. GAIL India, a primary LNG importer and city gas distributor, faces meaningfully higher spot procurement costs if Henry Hub sustains above $3.15.
Watch: EIA weekly natural gas storage report (Thursday IST) — a second consecutive below-average injection would confirm supply tightness and test MCX resistance at ₹299–₹300.