Natural Gas futures soared in the domestic and overseas market on Thursday as investors and speculators booked fresh positions in the energy commodity as a bigger than expected dip in US storage levels last week signaled a pickup in heating demand for the fuel as cold weather resulted in higher consumption of gas-fired electricity at offices and homes in the world’s biggest economy.
The EIA reported that US gas supplies fell by 113 billion cubic feet to 3.643 trillion cubic feet in the week ended January 1, 2016, against expectations of an inventory withdrawal of 99 billion cubic feet and a prior week’s drawdown of 58 billion cubic feet. US storage withdrawal was 116 billion cubic feet in the same period a year ago while the five-average dip was 129 billion cubic feet. At the MCX, Natural Gas futures for January 2016 contract closed at Rs 160.9 per mmBtu, up by 5.92 per cent, after opening at Rs 152.8, against the previous closing price of Rs 151.9.It touched an intra-day high of Rs 161.3.
0 comments:
Post a Comment