Natural Gas Updates - Natural Gas futures plummeted by over 3 per cent during noon trade in the domestic market on Monday as investors and speculators resorted to profit booking in the energy commodity after a spectacular rally on Friday and Thursday when upbeat supplies data which showed a hefty storage withdrawal, coupled with forecasts for colder weather in the US in the first two weeks of February which bolstered the demand outlook for the heating fuel, buoyed sentiment.
US gas stockpiles fell by 211 billion cubic feet to 3.086 trillion cubic feet in the week ended January 22, 2016. 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 150.6 per mmBtu, down by 3.4 per cent, after opening at Rs 155, against the previous closing price of Rs 155.9. It touched an intra-day low of 150.2.
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