Natural Gas futures in reverse gear 08/08/2016

Natural Gas futures in reverse gear
08/08/2016 15:56

Natural Gas futures plunged by more than 1 per cent during noon trade in the domestic market on Monday as investors and speculators exited positions in the energy commodity tracking weakness overseas.
While the end of peak summer temperatures in the US may curb demand for gas-fired air conditioning, storage levels remain more than adequate, up 11.8 per cent from levels at this time a year ago, and14.1 per cent above the five-year average for this time of year.
At the MCX, Natural gas futures for August 2016 contract were trading at Rs 183.7 per mmbtu, down by 1.29 per cent, after opening at Rs. 184.5, against the previous closing price of Rs. 186.1. It touched the intra-day low of Rs. 183.3. (At 15:48 PM).