Natural Gas rallies on cold weather outlook
16/12/2014 09:06
Natural Gas futures surged in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market on forecasts for colder than earlier expected weather in the US by the end of the month, lifting the demand outlook for the heating fuel.
Commodity Weather Group predicted colder than average temperatures for the upper Midwest by December 26, for Texas by December 27 and the east coast by December 28, 2014.
At the MCX, Natural gas futures for December 2014 contract closed at Rs. 238.40 per mmBtu, up by 0.68 per cent, after opening at Rs 239, against the previous closing price of Rs 236.80. It touched an intra-day high of Rs 246.30.
16/12/2014 09:06
Natural Gas futures surged in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market on forecasts for colder than earlier expected weather in the US by the end of the month, lifting the demand outlook for the heating fuel.
Commodity Weather Group predicted colder than average temperatures for the upper Midwest by December 26, for Texas by December 27 and the east coast by December 28, 2014.
At the MCX, Natural gas futures for December 2014 contract closed at Rs. 238.40 per mmBtu, up by 0.68 per cent, after opening at Rs 239, against the previous closing price of Rs 236.80. It touched an intra-day high of Rs 246.30.
