Natural Gas futures succumbed to profit booking in the domestic market in late morning trade on Tuesday following the nearly 9 per cent surge in recent sessions when forecasts for colder weather across the US Midwest in the coming days, raised hopes of a pickup in gas-fired heating demand at offices and homes in the world’s biggest gas consuming nation. About 49 per cent of US households use natural gas for heating purposes. November to March is the peak US gas heating season.
However, supplies of the fuel in the US remain 14.1 per cent higher than levels at this time a year ago and 8.4 per cent above the five-year average for this time of year, weighing on sentiment.
At the MCX, Natural Gas futures for December 2015 contract is trading at Rs 126.9 per mmBtu, down by 0.63 per cent, after opening at Rs 127.1, against the previous closing price of Rs 127.7. It touched an intra-day low of Rs 126.6.
At the MCX, Natural Gas futures for December 2015 contract is trading at Rs 126.9 per mmBtu, down by 0.63 per cent, after opening at Rs 127.1, against the previous closing price of Rs 127.7. It touched an intra-day low of Rs 126.6.
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