Warm weather forecasts hit Natural Gas
13/01/2015 09:51
Natural gas futures slumped in the domestic market on Monday as investors and speculators exited positions in the energy commodity which plunged to the lowest level in more than two years in the overseas market as forecasts for warmer temperatures in mid-January clouded the demand outlook for the heating fuel.
Updated weather forecasting models called for warmer weather throughout most of the continental US later this week and into the next week, threatening to cut need for heating.
At the MCX, Natural Gas futures for January 2015 contract closed at Rs 174.70 per 1 kg, down by 5 per cent after opening at Rs 182.2, against the previous closing price of Rs 183.90. It touched the intra-day low of Rs 173.5 till the closing
13/01/2015 09:51
Natural gas futures slumped in the domestic market on Monday as investors and speculators exited positions in the energy commodity which plunged to the lowest level in more than two years in the overseas market as forecasts for warmer temperatures in mid-January clouded the demand outlook for the heating fuel.
Updated weather forecasting models called for warmer weather throughout most of the continental US later this week and into the next week, threatening to cut need for heating.
At the MCX, Natural Gas futures for January 2015 contract closed at Rs 174.70 per 1 kg, down by 5 per cent after opening at Rs 182.2, against the previous closing price of Rs 183.90. It touched the intra-day low of Rs 173.5 till the closing
