Natural Gas Extends Rally over 3 % During Noon Trade

Natural Gas futures surged by over 3 per cent during noon trade in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity as traders gave thumbs up to last week’s US inventory data which showed a bigger than expected withdrawal of 211 billion cubic feet in gas supplies as cold weather boosted gas-fired heating demand, eroding record high storage levels.

The five-year average for the week ended January 22, 2016 stood at around 170 billion cubic feet, and last year’s withdrawal for the week totaled 115 billion cubic feet.
 

At the MCX, Natural Gas futures for February 2016 contract is trading at Rs 154.5 per mmBtu, up by 3.62 per cent, after opening at Rs 150.5, against the previous closing price of Rs 149.1. It touched an intra-day high of 154.9.