Stock Market News: Natural Gas futures plunged in the domestic and overseas market on Monday as investors and speculators exited positions in the energy commodity amid worries that the onset of the spring season which may bring more seasonal weather in the US may cut demand for the heating fuel in the world’s biggest fuel user. The spring season is traditionally when demand for the energy commodity is the weakest amid lack of extreme temperatures which reduces the need for cooling or heating homes and offices. About 49 per cent of American households use natural gas for heating purposes.
At the MCX, Natural Gas futures for April 2015 contract closed at Rs 161 per 1 kg, down by 2.37 per cent after opening at Rs 164.2, against the previous closing price of Rs 164.9. It touched the intra-day low of Rs 160.3 till the ending.
Crude oil futures surged in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity as an ongoing drilling slowdown in the US evident by a nineteenth straight drop in the weekly rig count signaled slower oil production, easing fears over a global supply glut.
Further, the People’s Bank of China slashed the reserve requirements for lenders for the second time in less than two months in a bid to help stave off a worsening slowdown in the world’s second biggest economy, lifting the demand outlook for the fuel. China’s central bank cut the amount that banks need to set aside as reserves by 1 percentage point or 100 basis points to 18.5 %. Oil may fall today after Saudi Arabia signaled that the country likely pumped in a record 10 million barrels per day of oil in April, just as it did in March, widening a supply surplus.
At the MCX, Crude oil futures, for the April 2015 contract, closed at Rs 3,531 per barrel, up by 1.06 per cent, after opening at Rs 3,529, against the previous close price of Rs 3,494. It touched an intraday high of Rs 3,577 till the closing.
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