Bearish storage data hits Natural Gas
24/04/2015 09:00
Natural Gas futures plummeted in the domestic and overseas market on Thursday as investors and speculators exited positions in the energy commodity after a record addition in US gas supplies last week signaled weakening demand for the fuel in the world’s biggest fuel consumer.
US natural gas stockpiles climbed by 90 billion cubic feet in the week ended April 17, 2015 to 1.629 trillion cubic feet, topping expectations of a 88 billion cubic feet rise, and well above the 45 billion cubic feet uptick witnessed in the same period a year ago and the five-year average gain of 46 billion cubic feet.
At the MCX, Natural Gas futures for April 2015 contract closed at Rs 160.5 per 1 kg, down by 2.19 per cent after opening at Rs 163.5, against the previous closing price of Rs 164.1. It touched the intra-day low of Rs 159.7 till the closing.
24/04/2015 09:00
Natural Gas futures plummeted in the domestic and overseas market on Thursday as investors and speculators exited positions in the energy commodity after a record addition in US gas supplies last week signaled weakening demand for the fuel in the world’s biggest fuel consumer.
US natural gas stockpiles climbed by 90 billion cubic feet in the week ended April 17, 2015 to 1.629 trillion cubic feet, topping expectations of a 88 billion cubic feet rise, and well above the 45 billion cubic feet uptick witnessed in the same period a year ago and the five-year average gain of 46 billion cubic feet.
At the MCX, Natural Gas futures for April 2015 contract closed at Rs 160.5 per 1 kg, down by 2.19 per cent after opening at Rs 163.5, against the previous closing price of Rs 164.1. It touched the intra-day low of Rs 159.7 till the closing.
