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).
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