Natural Gas enters bear market on warm
weather
23/12/2014 09:37
Natural Gas futures tumbled in the domestic market on Monday as investors and speculators exited positions in the energy commodity tracking a bearish trend in the overseas market where prices hit a two-year low as mild weather, which curbed the demand for the heating fuel in the world’s biggest economy, coupled with record production threatened to boost a stockpile surplus.
Gas stockpiles stood at 3.295 trillion cubic feet as of December 12, 47 billion more than a year ago and above the year-ago level for the first time since 2012, government data showed.
At the MCX, Natural Gas futures for December 2014 contract closed at Rs 201.50 per 1 kg, down by 9 per cent after opening at Rs 219.5, against the previous closing price of Rs 221.4. It touched the intra-day low of Rs 197.3 till the closing.
23/12/2014 09:37
Natural Gas futures tumbled in the domestic market on Monday as investors and speculators exited positions in the energy commodity tracking a bearish trend in the overseas market where prices hit a two-year low as mild weather, which curbed the demand for the heating fuel in the world’s biggest economy, coupled with record production threatened to boost a stockpile surplus.
Gas stockpiles stood at 3.295 trillion cubic feet as of December 12, 47 billion more than a year ago and above the year-ago level for the first time since 2012, government data showed.
At the MCX, Natural Gas futures for December 2014 contract closed at Rs 201.50 per 1 kg, down by 9 per cent after opening at Rs 219.5, against the previous closing price of Rs 221.4. It touched the intra-day low of Rs 197.3 till the closing.
