Bearish storage data hits Natural gas
23/01/2015 09:31
Natural gas futures slumped in the domestic and overseas market on Thursday as investors and speculators exited positions in the energy commodity after US natural gas supplies fell by less than expected last week, signaling weakening demand for the fuel in the world’s biggest fuel user.
US gas supplies fell 216 billion cubic feet last week, compared to a drop of 227 billion cubic feet estimated by analysts and a 236 billion feel withdrawal in the previous week.
At the MCX, Natural Gas futures for January 2015 contract closed at Rs 172.20 per 1 kg, down by 4.01 per cent after opening at Rs 181.7, against the previous closing price of Rs 179.4. It touched the intra-day low of Rs 170.1 till the closing.
23/01/2015 09:31
Natural gas futures slumped in the domestic and overseas market on Thursday as investors and speculators exited positions in the energy commodity after US natural gas supplies fell by less than expected last week, signaling weakening demand for the fuel in the world’s biggest fuel user.
US gas supplies fell 216 billion cubic feet last week, compared to a drop of 227 billion cubic feet estimated by analysts and a 236 billion feel withdrawal in the previous week.
At the MCX, Natural Gas futures for January 2015 contract closed at Rs 172.20 per 1 kg, down by 4.01 per cent after opening at Rs 181.7, against the previous closing price of Rs 179.4. It touched the intra-day low of Rs 170.1 till the closing.
