Natural Gas futures rallied by more than 2.5 per cent in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity as a below than expected stockpile injection in the US last week signaled improving demand for the power plant fuel in the world’s biggest fuel consumer.
US gas supplies climbed by 53 billion cubic feet to 3.030 trillion cubic feet in the week ended August 14, 2015, the EIA said. Analysts were expecting an injection of 58 billion cubic feet in US gas supplies while last week’s storage came in below the five-year average gain of 54 billion cubic feet, the 65 billion cubic feet injection reported last week and the 86 billion cubic feet build reported in the same week a year ago.
At the MCX, Natural Gas futures for August 2015 contract closed at Rs 182.30 per 1 kg, up by 2.7 per cent after opening at Rs 177.30, against the previous closing price of Rs 177.5. It touched the intra-day high of Rs 183.20 till the closing.
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