Natural Gas futures tumble on weak global cues
02/07/2014 09:36
Natural Gas futures slumped in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as caution persisted ahead of the weekly US supplies data. In the week ended June 20, US gas stockpiles rose by 110 billion cubic feet, above an estimated gain of 102 billion cubic feet. However, forecasts for warmer temperatures in the US as summer heat picks up may boost cooling demand for the fuel which is used to power air conditioners. At the MCX, Natural gas futures for July 2014 contract closed at Rs. 268.20 per mmBtu, down by 0.63 per cent, after opening at Rs 269.20, against the previous closing price of Rs 269.90 It touched an intra-day low of Rs 265.60.
02/07/2014 09:36
Natural Gas futures slumped in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as caution persisted ahead of the weekly US supplies data. In the week ended June 20, US gas stockpiles rose by 110 billion cubic feet, above an estimated gain of 102 billion cubic feet. However, forecasts for warmer temperatures in the US as summer heat picks up may boost cooling demand for the fuel which is used to power air conditioners. At the MCX, Natural gas futures for July 2014 contract closed at Rs. 268.20 per mmBtu, down by 0.63 per cent, after opening at Rs 269.20, against the previous closing price of Rs 269.90 It touched an intra-day low of Rs 265.60.
