Natural
Gas futures plunged more than 1.5 % in the domestic market on Tuesday
as investors assessed latest US weather forecasts to gauge the
strength of the demand for the fuel in the world’s biggest economy.
While
hot weather was predicted for most parts of the southern and western
US, cooler weather is expected for most parts of the Great Lakes,
Northeast and Midwest regions later this week, signaling a mixed
demand outlook for the power plant fuel which is used to fire up air
conditioners at offices and homes.About 49 per cent of US households
use natural gas for cooling purposes.
Meanwhile,
at 3.030 trillion cubic feet as of August 14, US gas storage levels
are 19.2 per cent above the year ago levels and 2.7 per cent higher
than the five-year average for the same time of the year, signaling
ample supplies.
At
the MCX, Natural Gas futures for August 2015 contract closed at Rs
175.90 per 1 kg, down by 1.57 per cent after opening at Rs 178.30,
against the previous closing price of Rs 178.70. It touched the
intra-day low of Rs 175.60 till the closing.
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