Natural Gas futures rallied handsomely in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity as a smaller than expected build in US storage levels signaled a pickup in demand for the power plant fuel in the world’s biggest economy, bolstering sentiment.
The EIA said that that US gas stockpiles climbed 68 billion cubic feet to 3.261 trillion cubic feet in the week ended September 4, compared to a 75 billion cubic feet rise predicted by analysts, following an 86 billion cubic feet build in the prior week, and 90 billion cubic feet injection in the same period a year ago, but topping the five-year average of a 63 billion cubic feet addition.
At the MCX, Natural Gas futures for September 2015 contract closed at Rs per 179.30 mmBtu, up by 1.36 per cent after opening at Rs 177.60, against the previous closing price of Rs 176.90. It touched the intra-day high of Rs 182.60 till the closing.
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