Natural Gas futures dip on profit booking
Natural Gas futures fell in the domestic market on Wednesday as investors and speculators booked profits in the energy commodity after the recent sharp rally tracking a bearish trend in the overseas market. Forecasts for warmer than normal weather in the US Midwest and Northeast and South dimmed the demand outlook for the heating fuel. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 283.80 per mmBtu, down by 1.66 per cent, after opening at Rs 289.20, against the previous closing price of Rs 288.60. It touched an intra-day low of Rs 283.10.
Natural Gas futures fell in the domestic market on Wednesday as investors and speculators booked profits in the energy commodity after the recent sharp rally tracking a bearish trend in the overseas market. Forecasts for warmer than normal weather in the US Midwest and Northeast and South dimmed the demand outlook for the heating fuel. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 283.80 per mmBtu, down by 1.66 per cent, after opening at Rs 289.20, against the previous closing price of Rs 288.60. It touched an intra-day low of Rs 283.10.
