Natural Gas futures plummeted by over 2 per cent in the domestic market on Friday as investors and speculators exited positions in the energy commodity as forecasts for mild weather across key gas consuming states in the next few days threatened to curb demand for the power plant fuel that is used for cooling purposes at offices and homes.
About 49 per cent of US households use natural gas for cooling purposes.
Meanwhile supplies remain at more than adequate levels as total US natural gas storage at 3.030 trillion cubic feet is 19.2 per cent higher than during the same week a year earlier and 2.7 per cent above the five-year average for this time of year.
At the MCX, Natural Gas futures for August 2015 contract closed at Rs 177.90 per 1 kg, down by 2.4 per cent after opening at Rs 181.30, against the previous closing price of Rs 182.30. It touched the intra-day low of Rs 177.30 till the closing.
About 49 per cent of US households use natural gas for cooling purposes.
Meanwhile supplies remain at more than adequate levels as total US natural gas storage at 3.030 trillion cubic feet is 19.2 per cent higher than during the same week a year earlier and 2.7 per cent above the five-year average for this time of year.
At the MCX, Natural Gas futures for August 2015 contract closed at Rs 177.90 per 1 kg, down by 2.4 per cent after opening at Rs 181.30, against the previous closing price of Rs 182.30. It touched the intra-day low of Rs 177.30 till the closing.
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