Natural Gas futures rally on US weather
outlook
01/07/2014 09:16
Natural Gas futures surged in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as forecasts for warmer weather in the US bolstered the demand outlook for the fuel which is used in powering air-conditioners. The MDA Weather Services in Maryland predicted hot temperatures in the East and West coasts of the US over the next five days. At the MCX, Natural gas futures for June 2014 contract closed at Rs. 269.90 per mmBtu, up by 1.89 per cent, after opening at Rs 265.60, against the previous closing price of Rs 264.90 It touched an intra-day high of Rs 271.30.
01/07/2014 09:16
Natural Gas futures surged in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as forecasts for warmer weather in the US bolstered the demand outlook for the fuel which is used in powering air-conditioners. The MDA Weather Services in Maryland predicted hot temperatures in the East and West coasts of the US over the next five days. At the MCX, Natural gas futures for June 2014 contract closed at Rs. 269.90 per mmBtu, up by 1.89 per cent, after opening at Rs 265.60, against the previous closing price of Rs 264.90 It touched an intra-day high of Rs 271.30.
