Natural Gas plunges on weak demand outlook
20/04/2015 09:29
Natural Gas futures tumbled in the domestic and overseas market on Friday as investors and speculators exited positions in the energy commodity amid speculation that the end of the winter season may result in warmer temperatures, cutting demand for the heating fuel.
The spring season is traditionally when demand for the energy commodity is the weakest amid lack of extreme temperatures which reduces the need for cooling or heating homes and offices.
A hefty stockpile build with US gas stockpiles climbing by 63 billion cubic feet in the week ended April 10, 2015, topping expectations of a rise of 53 billion cubic feet also weighed on sentiment.
At the MCX, Natural Gas futures for April 2015 contract closed at Rs 164.90 per 1 kg, down by 1.20 per cent after opening at Rs 167.3, against the previous closing price of Rs 166.9. It touched the intra-day low of Rs 164.6 till the closing.
20/04/2015 09:29
Natural Gas futures tumbled in the domestic and overseas market on Friday as investors and speculators exited positions in the energy commodity amid speculation that the end of the winter season may result in warmer temperatures, cutting demand for the heating fuel.
The spring season is traditionally when demand for the energy commodity is the weakest amid lack of extreme temperatures which reduces the need for cooling or heating homes and offices.
A hefty stockpile build with US gas stockpiles climbing by 63 billion cubic feet in the week ended April 10, 2015, topping expectations of a rise of 53 billion cubic feet also weighed on sentiment.
At the MCX, Natural Gas futures for April 2015 contract closed at Rs 164.90 per 1 kg, down by 1.20 per cent after opening at Rs 167.3, against the previous closing price of Rs 166.9. It touched the intra-day low of Rs 164.6 till the closing.
