Natural Gas futures continue downward journey
Natural Gas futures slumped in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as forecasts of calmer weather in the US dimmed the outlook for the heating fuel. About 49 per cent of US households use natural gas for heating purposes. More than adequate supply storage has also exerted downward pressure on prices. Natural gas futures may continue to trade lower as investors remain cautious ahead of the weekly US supplies data. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 259.90 per mmBtu, down by 2.07 per cent, after opening at Rs 264.90, against the previous closing price of Rs 265.40. It touched an intra-day low of Rs 259.50.
Natural Gas futures slumped in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as forecasts of calmer weather in the US dimmed the outlook for the heating fuel. About 49 per cent of US households use natural gas for heating purposes. More than adequate supply storage has also exerted downward pressure on prices. Natural gas futures may continue to trade lower as investors remain cautious ahead of the weekly US supplies data. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 259.90 per mmBtu, down by 2.07 per cent, after opening at Rs 264.90, against the previous closing price of Rs 265.40. It touched an intra-day low of Rs 259.50.
