Stock Market News: Natural Gas futures slumped in the domestic and overseas market on Monday as investors and speculators exited positions in the energy commodity amid bets that the end of the winter season may curb demand for the heating fuel. Latest weather forecasting models called for mostly mild weather across the US. 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 157.3 per 1 kg, down by 2.48 per cent after opening at Rs 160, against the previous closing price of Rs 161.3. It touched the intra-day low of Rs 155.4 till the closing.
Crude oil futures jumped in the domestic market on Monday as investors and speculators continued to book profits in the energy commodity which hit the highest level this year last week as the worsening conflict in Yemen sparked concerns over supply disruptions from the oil-rich Middle East, and a falling oil rig count signaled lower US production, going forward. Still, investors remained skeptical amid record US supplies which have surged for 15 straight weeks and now stand at an all-time high of 489 million barrels. Meanwhile, US services activity expanded at a weaker clip in April while a regional factory gauge plunged, signaling a deepening slowdown in the world’s biggest economy, clouding the demand outlook for the fuel. The gauge measuring US services fell to 57.8 in April from 59.2 in March, with a reading above 50 signaling expansion. The index measuring manufacturing in the Texas region fell to -16 this month from -17.4 in March, below the reading of 0 that separates expansion from contraction. Oil may extend its bearish ride today on expectations that US crude stockpiles rose for 16 straight weeks and after Saudi Arabia said that it was willing to supply China additional fuel, if needed.
At the MCX, Crude oil futures, for the May 2015 contract, closed at Rs 3,611 per barrel, down by 1.07 per cent, after opening at Rs 3,642, against the previous close price of Rs 3,650. It touched an intraday low of Rs 3,601 till the ending.
Zinc prices rose by 0.98 per cent on Monday at the domestic markets due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 2650 metric tonnes to 478725 metric tonnes as on 27 April 2015. Zinc futures for April 2015 contract, at MCX, were trading at Rs 144.50/kg, upward by 0.98 % after opening at Rs. 143.30 against the last ending price of Rs. 143.10. It touched the intra-day high of Rs. 145.40 till the trading.
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