Natural Gas futures tumble on weak global cues
30/06/2014 09:04
Natural Gas futures slumped in the domestic market on Friday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as a bigger than expected rise in US gas stockpiles signaled weakening demand for the fuel in the world’s biggest crude oil consumer, easing concerns over tighter supplies. US gas stockpiles rose 110 billion cubic feet to 1.829 trillion cubic feet in the week ended June 20, against expectations of a 102 billion cubic feet rise. However, gas futures may rebound as forecasts for warmer than average temperatures across the US Midwest in the next few days boost the demand for the fuel which is used to fire-up air conditioners. At the MCX, Natural gas futures for June 2014 contract closed at Rs. 264.90 per mmBtu, down by 1.08 per cent, after opening at Rs 269, against the previous closing price of Rs 267.80. It touched an intra-day low of Rs 264.
30/06/2014 09:04
Natural Gas futures slumped in the domestic market on Friday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as a bigger than expected rise in US gas stockpiles signaled weakening demand for the fuel in the world’s biggest crude oil consumer, easing concerns over tighter supplies. US gas stockpiles rose 110 billion cubic feet to 1.829 trillion cubic feet in the week ended June 20, against expectations of a 102 billion cubic feet rise. However, gas futures may rebound as forecasts for warmer than average temperatures across the US Midwest in the next few days boost the demand for the fuel which is used to fire-up air conditioners. At the MCX, Natural gas futures for June 2014 contract closed at Rs. 264.90 per mmBtu, down by 1.08 per cent, after opening at Rs 269, against the previous closing price of Rs 267.80. It touched an intra-day low of Rs 264.
