Natural Gas rebounds on bargain buying
02/02/2015 09:31
Natural Gas futures rose in the domestic market on Friday as the sharp losses in the energy commodity in the previous session offered good bargain buying opportunity in the fuel at exiting levels. However, forecasts for milder weather in the US threatened to curb demand for the heating fuel, trimming gains in natural gas futures.
Latest weather forecasting models called for higher temperatures in the US Eastern region in mid-February. November to March is the peak heating demand season. About 49 per cent of US households use natural gas for heating purposes.
At the MCX, Natural Gas futures for February 2015 contract closed at Rs 168.4 per 1 kg, up by 0.42 per cent after opening at Rs 168.6, against the previous closing price of Rs 167.6. It touched the intra-day high of Rs 169.7 till the closing.
02/02/2015 09:31
Natural Gas futures rose in the domestic market on Friday as the sharp losses in the energy commodity in the previous session offered good bargain buying opportunity in the fuel at exiting levels. However, forecasts for milder weather in the US threatened to curb demand for the heating fuel, trimming gains in natural gas futures.
Latest weather forecasting models called for higher temperatures in the US Eastern region in mid-February. November to March is the peak heating demand season. About 49 per cent of US households use natural gas for heating purposes.
At the MCX, Natural Gas futures for February 2015 contract closed at Rs 168.4 per 1 kg, up by 0.42 per cent after opening at Rs 168.6, against the previous closing price of Rs 167.6. It touched the intra-day high of Rs 169.7 till the closing.
