Natural Gas futures rallied in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity tracking firm cues from the overseas market as forecasts for warmer temperatures across parts of the US bolstered the demand outlook for the power plant fuel which is used to fire up air conditioners as need for cooling offices and homes arises.
The Commodity Weather Group predicted a warm pattern to dominate the US Midwest and Plains regions in the next two weeks.
About 49 per cent of US households use natural gas for cooling purposes.
At the MCX, Natural Gas futures for September 2015 contract closed at Rs 170.7 per mmBtu, up by 0.71 per cent after opening at Rs 168.8, against the previous closing price of Rs 169.5. It touched the intra-day high of Rs 171.5 till the closing.
The Commodity Weather Group predicted a warm pattern to dominate the US Midwest and Plains regions in the next two weeks.
About 49 per cent of US households use natural gas for cooling purposes.
At the MCX, Natural Gas futures for September 2015 contract closed at Rs 170.7 per mmBtu, up by 0.71 per cent after opening at Rs 168.8, against the previous closing price of Rs 169.5. It touched the intra-day high of Rs 171.5 till the closing.
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