Natural Gas tumbles after bearish supply data
05/12/2014 09:33
Natural Gas futures plunged in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as a lower than expected withdrawal in US gas stockpiles signaled weaker demand for the heating fuel in the world’s biggest fuel user. US gas stockpiles fell by 22 billion cubic feet to 3.41 trillion cubic feet in the week ended November 28, 2014, compared to a drop of 39 billion cubic feet predicted by analysts. At the MCX, Natural gas futures for December 2014 contract closed at Rs. 226.80 per mmBtu, down by 3.61 per cent, after opening at Rs 235.40, against the previous closing price of Rs 235.30. It touched an intra-day low of Rs 226.10.
05/12/2014 09:33
Natural Gas futures plunged in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as a lower than expected withdrawal in US gas stockpiles signaled weaker demand for the heating fuel in the world’s biggest fuel user. US gas stockpiles fell by 22 billion cubic feet to 3.41 trillion cubic feet in the week ended November 28, 2014, compared to a drop of 39 billion cubic feet predicted by analysts. At the MCX, Natural gas futures for December 2014 contract closed at Rs. 226.80 per mmBtu, down by 3.61 per cent, after opening at Rs 235.40, against the previous closing price of Rs 235.30. It touched an intra-day low of Rs 226.10.
