Natural Gas futures tumble ahead of supplies
data
22/05/2014 09:32
Natural Gas futures slumped in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity tracking a bearish trend in the overseas market as caution persisted ahead of the weekly US supplies data to be released on Thursday which may show a storage injection of 88 billion cubic feet to 116 billion cubic feet in the week ended May 16, 2014. However, weather forecasts continue to support the demand outlook for natural gas as the arrival of summer in the US boosts demand for the fuel which is used to fire up air conditioners. Natural gas futures may trade on a subdued note today ahead of the weekly supplies data. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 263.50 per mmBtu, down by 1.27 per cent, after opening at Rs 267, against the previous closing price of Rs 266.90. It touched an intra-day low of Rs 263.
22/05/2014 09:32
Natural Gas futures slumped in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity tracking a bearish trend in the overseas market as caution persisted ahead of the weekly US supplies data to be released on Thursday which may show a storage injection of 88 billion cubic feet to 116 billion cubic feet in the week ended May 16, 2014. However, weather forecasts continue to support the demand outlook for natural gas as the arrival of summer in the US boosts demand for the fuel which is used to fire up air conditioners. Natural gas futures may trade on a subdued note today ahead of the weekly supplies data. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 263.50 per mmBtu, down by 1.27 per cent, after opening at Rs 267, against the previous closing price of Rs 266.90. It touched an intra-day low of Rs 263.
