NaturalGas futures posted mild to modest gains in the domestic market on
Tuesday even as forecasts for mild weather in the US in the coming
days threatened to curb heating demand for the energy commodity.
Latest
updates from the Global Weather Forecast System showed that
temperatures in the lower 48 US states would be cool but will remain
above-normal levels over the next two weeks, reducing the need for
gas-fired heating in the world’s biggest economy.
About
49 per cent of US households use natural gas for heating purposes.
At
the MCX, Natural Gas futures for October 2015 contract closed at
161.2 Rs per mmBtu, up by 0.25 per cent, after opening at Rs 161.3,
against the previous closing price of Rs 160.8. It touched an
intra-day high of Rs 163.3.
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