Natural Gas jumped by more than 2 per cent in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as forecasts for warm weather across parts of the US boosted the demand outlook for the power plant fuel which is used to fire up air conditioners.Latest weather forecasting models have called for a heat wave in the US East Coast and most parts of the Midwest over the next five days. About 49 per cent of American households use natural gas for cooling purposes at offices and homes.
All eyes are on the weekly EIA storage data due on Thursday which may show a build of 55 billion cubic feet last week, compared to 88 billion cubic feet a year ago and a five-year average gain of 48 billion cubic feet.
At the MCX, Natural Gas futures for August 2015 contract closed at Rs 183.50 per 1 kg, up by 2.06 per cent after opening at Rs 181.20, against the previous closing price of Rs 179.80. It touched the intra-day high of Rs 184.10 till the closing.
At the MCX, Natural Gas futures for August 2015 contract closed at Rs 183.50 per 1 kg, up by 2.06 per cent after opening at Rs 181.20, against the previous closing price of Rs 179.80. It touched the intra-day high of Rs 184.10 till the closing.
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