Cold snap boosts Natural gas
10/11/2014 09:21
Natural Gas futures surged in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market amid hopes that unseasonably cold weather in the US may boost demand for the heating fuel in the world’s biggest fuel consumer where about 49 per cent of households use the fuel for heating purposes.
Latest weather-forecasting models called for unusually cold temperatures across the eastern half of the US from November 8 through November 17.
At the MCX, Natural gas futures for November 2014 contract closed at Rs. 274.40 per mmBtu, up by 3.98 per cent, after opening at Rs 264.90, against the previous closing price of Rs 263.90. It touched an intra-day high of Rs 276.40.
Natural Gas futures surged in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market amid hopes that unseasonably cold weather in the US may boost demand for the heating fuel in the world’s biggest fuel consumer where about 49 per cent of households use the fuel for heating purposes.
Latest weather-forecasting models called for unusually cold temperatures across the eastern half of the US from November 8 through November 17.
At the MCX, Natural gas futures for November 2014 contract closed at Rs. 274.40 per mmBtu, up by 3.98 per cent, after opening at Rs 264.90, against the previous closing price of Rs 263.90. It touched an intra-day high of Rs 276.40.
