Bear grips Natural gas on oversupply fears
08/05/2015 12:22
Natural Gas futures were trading lower in the domestic market on Friday as investors and speculators exited positions in the energy commodity as a bigger-than expected stockpile-build in the US last week signaled a risk of oversupplies in the world’s biggest fuel consumer.
US gas supplies climbed by 76 billion cubic feet in the week ended May 1, 2015 at 1.786 trillion cubic feet, topping analysts’ estimates of a 75 billion cubic feet rise and following the previous week’s 81 billion cubic feet uptick. US natural gas stockpiles were 742 billion cubic feet higher than the same period last year.
At the MCX, Natural Gas futures for May 2015 contract is trading at Rs 175.50 per 1 kg, down by 0.11 per cent after opening at Rs 175.50, against the previous closing price of Rs 175.70. It touched the intra-day low of Rs 175.20. (At 12:14 PM).
08/05/2015 12:22
Natural Gas futures were trading lower in the domestic market on Friday as investors and speculators exited positions in the energy commodity as a bigger-than expected stockpile-build in the US last week signaled a risk of oversupplies in the world’s biggest fuel consumer.
US gas supplies climbed by 76 billion cubic feet in the week ended May 1, 2015 at 1.786 trillion cubic feet, topping analysts’ estimates of a 75 billion cubic feet rise and following the previous week’s 81 billion cubic feet uptick. US natural gas stockpiles were 742 billion cubic feet higher than the same period last year.
At the MCX, Natural Gas futures for May 2015 contract is trading at Rs 175.50 per 1 kg, down by 0.11 per cent after opening at Rs 175.50, against the previous closing price of Rs 175.70. It touched the intra-day low of Rs 175.20. (At 12:14 PM).
