Natural Gas futures ended lower in the domestic market on Monday as investors and speculators cut risky bets in the energy commodity as traders weighed mixed weather forecasts which offered little clarity over the demand outlook in the world’s biggest fuel consumer, the US.
While latest weather forecasting models called for hot weather across most parts of the southern US, cooler temperatures were expected to engulf most parts of the Great Lakes, Northeast and Midwest-regions as the week progresses.
About 49 per cent of US households use natural gas for cooling purposes. Natural Gas is used to fire up power plants as need for cooling arises at offices and homes during hot weather.
At the MCX, Natural Gas futures for September 2015 contract closed at Rs 177.90 per mmBtu, down by 0.28 per cent after opening at Rs 178.80, against the previous closing price of Rs 178.40. It touched the intra-day low of Rs 177.60 till the closing.
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