Natural Gas rebounds on warmer weather outlook 07/05/2015

Natural Gas rebounds on warmer weather outlook
07/05/2015 09:44
Natural Gas futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as forecasts for warmer weather in the US in the coming days bolstered cooling demand for the fuel from gas-fired power plants.
Updated weather forecasts called for above normal temperatures in the US Midwest and Northeast and the South, in the first two week of May. About 49 per cent of American households use natural gas for air-conditioning purposes.
At the MCX, Natural Gas futures for May 2015 contract closed at Rs 178.8 per 1 kg, up by 0.96 per cent after opening at Rs 177.7, against the previous closing price of Rs 177.1. It touched the intra-day high of Rs 180.7 till the closing.