Bearish storage data hits Natural Gas
06/02/2015 09:33
Natural Gas futures ended sharply lower in the domestic and overseas market on Thursday as investors and speculators exited positions in the energy commodity as a smaller than expected inventory withdrawal in the US last week signaled weaker demand for the heating fuel in the world’s biggest energy consumer as mild weather curbs consumption.
US gas stockpiles fell by 115 billion cubic feet in the week ended January 30, 2015; missing expectations of 121 billion cubic feet decline and lower than the five-year average drop of 259 billion cubic feet.
At the MCX, Natural Gas futures for February 2015 contract closed at Rs 162.5 per 1 kg, down by 1.75 per cent after opening at Rs 165.7, against the previous closing price of Rs 165.4. It touched the intra-day low of Rs 160.3 till the closing.
06/02/2015 09:33
Natural Gas futures ended sharply lower in the domestic and overseas market on Thursday as investors and speculators exited positions in the energy commodity as a smaller than expected inventory withdrawal in the US last week signaled weaker demand for the heating fuel in the world’s biggest energy consumer as mild weather curbs consumption.
US gas stockpiles fell by 115 billion cubic feet in the week ended January 30, 2015; missing expectations of 121 billion cubic feet decline and lower than the five-year average drop of 259 billion cubic feet.
At the MCX, Natural Gas futures for February 2015 contract closed at Rs 162.5 per 1 kg, down by 1.75 per cent after opening at Rs 165.7, against the previous closing price of Rs 165.4. It touched the intra-day low of Rs 160.3 till the closing.
