Bearish supplies data hits Natural Gas
27/03/2015 09:57
Natural gas futures tumbled in the domestic and overseas market on Thursday as investors and speculators exited positions in the energy commodity after US gas stockpiles rose last week for the first time since April, signaling weakening demand for the heating fuel in the world’s biggest fuel consumer. US gas supplies climbed by 12 billion cubic feet in the week ended March 20, 2015, the EIA said, compared to expectations for a 10 billion cubic feet gain, Stockpiles fell 56 billion cubic feet in the same week last year while the five-year average decline stood at 19 billion cubic feet. At the MCX, Natural Gas futures for March 2015 contract closed at Rs 166.8 per 1 kg, down by 2.46 per cent after opening at Rs 170.90, against the previous closing price of Rs 171. It touched the intra-day low of Rs 166.1 till the closing.
27/03/2015 09:57
Natural gas futures tumbled in the domestic and overseas market on Thursday as investors and speculators exited positions in the energy commodity after US gas stockpiles rose last week for the first time since April, signaling weakening demand for the heating fuel in the world’s biggest fuel consumer. US gas supplies climbed by 12 billion cubic feet in the week ended March 20, 2015, the EIA said, compared to expectations for a 10 billion cubic feet gain, Stockpiles fell 56 billion cubic feet in the same week last year while the five-year average decline stood at 19 billion cubic feet. At the MCX, Natural Gas futures for March 2015 contract closed at Rs 166.8 per 1 kg, down by 2.46 per cent after opening at Rs 170.90, against the previous closing price of Rs 171. It touched the intra-day low of Rs 166.1 till the closing.
