Natural Gas retreats on moderate weather
outlook
29/01/2015 09:26
Natural Gas futures plunged in the domestic and overseas market on Wednesday as investors and speculators exited positions in the energy commodity in the aftermath of a blizzard in the US with temperatures expected to turn moderate in the near-term, dimming the demand for the heating fuel in the world’s biggest fuel consumer. Latest weather forecasting models called for above normal temperatures in the US East Coast in mid-February. At the MCX, Natural Gas futures for February 2015 contract closed at Rs 173.7 per 1 kg, down by 4.98 per cent after opening at Rs 182.4, against the previous closing price of Rs 182.8. It touched the intra-day low of Rs 172.7 till the closing.
29/01/2015 09:26
Natural Gas futures plunged in the domestic and overseas market on Wednesday as investors and speculators exited positions in the energy commodity in the aftermath of a blizzard in the US with temperatures expected to turn moderate in the near-term, dimming the demand for the heating fuel in the world’s biggest fuel consumer. Latest weather forecasting models called for above normal temperatures in the US East Coast in mid-February. At the MCX, Natural Gas futures for February 2015 contract closed at Rs 173.7 per 1 kg, down by 4.98 per cent after opening at Rs 182.4, against the previous closing price of Rs 182.8. It touched the intra-day low of Rs 172.7 till the closing.
