Bearish supplies data hits Natural Gas
02/01/2015 09:10
Natural gas futures tumbled in the domestic market on Thursday as investors and speculators exited positions in the energy commodity as forecasts for mild January weather dampened heating demand in the world’s biggest economy while supplies fell last than expected last week. The Commodity Weather Group expects January temperatures to be 6.7 per cent warmer than a year earlier, dimming the demand outlook for the heating fuel. US gas stockpiles fell 26 billion cubic feet to 3.22 trillion cubic feet in the week ended December 26, 2014, the smallest withdrawal for this period since 2005 and missing analysts’ forecast for a drop of 34 billion cubic feet. At the MCX, Natural Gas futures for January 2015 contract closed at Rs 185.20 per 1 kg, down by 2.06 per cent after opening at Rs 186.60, against the previous closing price of Rs 189.10. It touched the intra-day low of Rs 182.80 till the closing.
02/01/2015 09:10
Natural gas futures tumbled in the domestic market on Thursday as investors and speculators exited positions in the energy commodity as forecasts for mild January weather dampened heating demand in the world’s biggest economy while supplies fell last than expected last week. The Commodity Weather Group expects January temperatures to be 6.7 per cent warmer than a year earlier, dimming the demand outlook for the heating fuel. US gas stockpiles fell 26 billion cubic feet to 3.22 trillion cubic feet in the week ended December 26, 2014, the smallest withdrawal for this period since 2005 and missing analysts’ forecast for a drop of 34 billion cubic feet. At the MCX, Natural Gas futures for January 2015 contract closed at Rs 185.20 per 1 kg, down by 2.06 per cent after opening at Rs 186.60, against the previous closing price of Rs 189.10. It touched the intra-day low of Rs 182.80 till the closing.
