Weather forecasts weigh on Natural Gas
24/11/2014 09:28
Natural Gas futures closed higher in the domestic market on Friday but a weak trend in the overseas market limited gains in the energy commodity as latest weather forecasts dampened hopes of heating demand in the world’s biggest fuel consumer. Weather forecasts have eased from predictions of severely cold weather in December, limiting heating demand in the US, where about 49 per cent of households use natural gas for heating purposes. At the MCX, Natural gas futures for November 2014 contract closed at Rs. 265.80 per mmBtu, down by 3.06 per cent, after opening at Rs 274.50, against the previous closing price of Rs 274.20. It touched an intra-day low of Rs 264.10
24/11/2014 09:28
Natural Gas futures closed higher in the domestic market on Friday but a weak trend in the overseas market limited gains in the energy commodity as latest weather forecasts dampened hopes of heating demand in the world’s biggest fuel consumer. Weather forecasts have eased from predictions of severely cold weather in December, limiting heating demand in the US, where about 49 per cent of households use natural gas for heating purposes. At the MCX, Natural gas futures for November 2014 contract closed at Rs. 265.80 per mmBtu, down by 3.06 per cent, after opening at Rs 274.50, against the previous closing price of Rs 274.20. It touched an intra-day low of Rs 264.10
