Bear tightens grip on Natural Gas
26/12/2014 09:53
Natural Gas futures slumped in the domestic and overseas market on Wednesday after smaller than expected stockpiles’ withdrawal last week signaled weaker demand for the heating fuel in the world’s biggest fuel consumer as milder weather curbed heating demand.
US gas stockpiles fell 49 billion cubic feet to 3.246 trillion cubic feet in the week ended December 19, 2014, compared to analysts’ estimates of a 59 billion cubic feet decline. The MDA Weather Services in Maryland predicted above-normal temperatures in the US Midwest and the East Coast through December 28.
At the MCX, Natural Gas futures for December 2014 contract closed at Rs 191.7 per 1 kg, down by 3.62 per cent after opening at Rs 200.4, against the previous closing price of Rs 198.9. It touched the intra-day low of Rs 191 till the closing.
26/12/2014 09:53
Natural Gas futures slumped in the domestic and overseas market on Wednesday after smaller than expected stockpiles’ withdrawal last week signaled weaker demand for the heating fuel in the world’s biggest fuel consumer as milder weather curbed heating demand.
US gas stockpiles fell 49 billion cubic feet to 3.246 trillion cubic feet in the week ended December 19, 2014, compared to analysts’ estimates of a 59 billion cubic feet decline. The MDA Weather Services in Maryland predicted above-normal temperatures in the US Midwest and the East Coast through December 28.
At the MCX, Natural Gas futures for December 2014 contract closed at Rs 191.7 per 1 kg, down by 3.62 per cent after opening at Rs 200.4, against the previous closing price of Rs 198.9. It touched the intra-day low of Rs 191 till the closing.
