Natural gas futures surge on US inventory data
Natural gas futures surged in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity tracking a sharp rally in the overseas market as a small rise in US gas stockpiles last week signaled a pickup in demand for the fuel in the world’s biggest economy. US gas supplies rose by 105 billion cubic feet to 1.16 trillion cubic feet in the week ended May 9, 2014. Still, stockpiles remain well below levels seen last year, a sign that supply concerns remain. Natural gas futures may continue the upward journey today on bullish inventory data. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 267 per mmBtu, up by 3.05 per cent, after opening at Rs 258.60, against the previous closing price of Rs 259.10. It touched an intra-day low of Rs 256.
Natural gas futures surged in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity tracking a sharp rally in the overseas market as a small rise in US gas stockpiles last week signaled a pickup in demand for the fuel in the world’s biggest economy. US gas supplies rose by 105 billion cubic feet to 1.16 trillion cubic feet in the week ended May 9, 2014. Still, stockpiles remain well below levels seen last year, a sign that supply concerns remain. Natural gas futures may continue the upward journey today on bullish inventory data. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 267 per mmBtu, up by 3.05 per cent, after opening at Rs 258.60, against the previous closing price of Rs 259.10. It touched an intra-day low of Rs 256.
