Tuesday, July 21, 2015

Filled Under:

Moderating weather outlook hits Natural Gas


Natural Gas futures succumbed to significant losses in the domestic market on Monday as investors and speculators exited positions in the energy commodity amidst speculation that moderating temperatures may curb the demand for the power plant fuel as need for air conditioning at offices and homes reduces.MDA Weather Services called for unusually mild readings in the US Northeast in the five days through July 29, 2015. About 49 per cent of American households use natural gas for cooling purposes.
At the MCX, Natural Gas futures for July 2015 contract closed at Rs 180.20 per 1 kg, down by 0.66 per cent after Starting at Rs 180.80, against the ending closing price of Rs 181.40. It touched the intra-day low of Rs 177.70.on Monday as investors and speculators exited positions in the energy commodity even as latest weather forecasts called for above-normal temperatures across most parts of the US in the next two weeks,lighting the demand outlook for the power plant fuel. Even as summer weather boosts air-conditioning demand for the fuel, supplies remain Acceptable with stockpiles rising 99 billion cubic feet in the week closing July 10, topping possibility for a 95 billion cubic feet rise and above a 91 billion cubic feet uptick in the prior week. At the MCX, Natural Gas futures for06/ 2015 contract is trading at Rs 179.70 per 1 kg, down by 0.94% after opening at Rs 180.80, against the previousending price of Rs 181.40. It touched the intra-day low of Rs 179.60 till the closing. (At 12:43 PM).

Read More on this topic - free share tips

0 comments:

Post a Comment