Weather outlook pushes Natural Gas futures
higher
30/10/2014 09:23
Natural gas futures surged in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as forecasts for below-average temperatures across the US Midwest and Northeast through the end of the week bolstered demand for the heating fuel.
Natural gas is used for heating purposes by about 49 per cent of US households.
All eyes are on Thursday’s EIA supply data which may show an inventory injection of 85 billion cubic feet in the week ended October 24, 2014.
At the MCX, Natural gas futures for October 2014 contract closed at Rs. 235.40 per mmBtu, up by 2.53 per cent, after opening at Rs 229, against the previous closing price of Rs 229.60. It touched an intra-day high of Rs 237.20.
30/10/2014 09:23
Natural gas futures surged in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as forecasts for below-average temperatures across the US Midwest and Northeast through the end of the week bolstered demand for the heating fuel.
Natural gas is used for heating purposes by about 49 per cent of US households.
All eyes are on Thursday’s EIA supply data which may show an inventory injection of 85 billion cubic feet in the week ended October 24, 2014.
At the MCX, Natural gas futures for October 2014 contract closed at Rs. 235.40 per mmBtu, up by 2.53 per cent, after opening at Rs 229, against the previous closing price of Rs 229.60. It touched an intra-day high of Rs 237.20.
