Mcx tips - Natural Gas futures on Monday recouped some of the losses it suffered in the previous session, when prices of the energy commodity tanked over 6 per cent, as forecasts for cooler than normal weather over the next two weeks bolstered the demand for the heating fuel in the world’s biggest economy.
Updated weather forecasting models called for lower-than-normal temperatures across parts of the US through early December, bolstering the need for gas-fired heating demand. November to March is the peak US gas heating period. About 49% of US households use natural gas for heating purposes.
At the MCX, Natural Gas upcoming future for Nov 2015 contract closed at Rs 145.4 per mmBtu, up by 1.25 per cent, after opening at Rs 140.6, against the previous closing price of Rs 143.6. It touched an intra-day high of Rs 146.3.
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