Natural Gas futures tumbled by more than 1.5 per cent during noon trade in the domestic market on Thursday as investors and speculators resorted to a cautious stance ahead of weekly US storage numbers which may show that US gas supplies fell by 159 billion cubic feet last week, compared to a five-year average withdrawal of 165 billion cubic feet.
Further, forecasts for warmer-than-normal temperatures in the US over the next two weeks, threatened to curb the need for the heating fuel at offices and homes.
About 49 per cent of US households use natural gas for heating purposes. November to March is the peak US gas heating season.
At the MCX, Natural Gas futures for February 2016 contract is trading at Rs 136.4 per mmBtu, down by 1.87 per cent, after opening at Rs 138.8, against the previous closing price of Rs 139. It touched an intra-day low of 136.4.
0 comments:
Post a Comment