Natural Gas plunged in the domestic market on Thursday as investors and speculators exited positions in the energy commodity after data showed that supplies remain at more than adequate levels amidst limited cooling demand for the power plant fuel due to mostly moderate temperatures.US gas supplies climbed by 61 billion cubic feet to 2.828 trillion cubic feet in the week ended July 17, 2015. Gains in supplies last week compare to 70 billion cubic feet expected by analysts and followed a build of 99 billion cubic feet in the prior week. The five-year average gain was 53 billion cubic feet while supplies rose by 92 billion cubic feet in the same week a year ago. Further, US gas stockpiles were 622 billion cubic feet higher than year ago levels and 81 billion cubic feet above the five-year average of 2.747 trillion cubic feet for the same time of the year.
At the MCX, Natural Gas futures for July 2015 contract closed at Rs 180.90 per 1 kg, down by 1.63 per cent after opening at Rs 183.90, against the previous closing price of Rs 183.90. It touched the intra-day low of Rs 180.30 till the closing.
At the MCX, Natural Gas futures for July 2015 contract closed at Rs 180.90 per 1 kg, down by 1.63 per cent after opening at Rs 183.90, against the previous closing price of Rs 183.90. It touched the intra-day low of Rs 180.30 till the closing.
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