Natural Gas rebounds on weather outlook
26/11/2014 09:31
Natural Gas futures which had plunged on Monday rebounded sharply in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity as the US East Coast braced for a snow storm, bolstering the demand outlook for the heating fuel. About 49 per cent of American households user natural gas for heating purposes. All eyes will be on the weekly EIA inventory data to be released today which may show a second draw of the season after stockpiles declined 17 cubic feet in the week ended November 14. At the MCX, Natural gas futures for December 2014 contract closed at Rs. 271.80 per mmBtu, up by 1.8 per cent, after opening at Rs 267.10, against the previous closing price of Rs 267. It touched an intra-day high of Rs 272.90.
26/11/2014 09:31
Natural Gas futures which had plunged on Monday rebounded sharply in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity as the US East Coast braced for a snow storm, bolstering the demand outlook for the heating fuel. About 49 per cent of American households user natural gas for heating purposes. All eyes will be on the weekly EIA inventory data to be released today which may show a second draw of the season after stockpiles declined 17 cubic feet in the week ended November 14. At the MCX, Natural gas futures for December 2014 contract closed at Rs. 271.80 per mmBtu, up by 1.8 per cent, after opening at Rs 267.10, against the previous closing price of Rs 267. It touched an intra-day high of Rs 272.90.
