Natural Gas futures tumble on supply data
23/05/2014 09:25
Natural Gas futures slumped in the domestic market on Thursday as investors and speculators exited positions in the energy commodity after a bigger than expected gain in US natural gas stockpiles last week signaled weakening demand for the heating fuel in the world’s biggest economy. US natural gas stockpiles rose by 106 billion cubic feet to 1.266 trillion cubic feet last week, the EIA said. Analysts were expecting stockpiles to rise by 102 billion cubic feet last week. The five-year average stockpile gain for the week stood at 90 billion cubic feet. Natural gas futures may continue the downward trend as a bearish supply data signals gloomy prospects for the fuel. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 254.70 per mmBtu, down by 3.34 per cent, after opening at Rs 263.50, against the previous closing price of Rs 263.50. It touched an intra-day low of Rs 254.10.
23/05/2014 09:25
Natural Gas futures slumped in the domestic market on Thursday as investors and speculators exited positions in the energy commodity after a bigger than expected gain in US natural gas stockpiles last week signaled weakening demand for the heating fuel in the world’s biggest economy. US natural gas stockpiles rose by 106 billion cubic feet to 1.266 trillion cubic feet last week, the EIA said. Analysts were expecting stockpiles to rise by 102 billion cubic feet last week. The five-year average stockpile gain for the week stood at 90 billion cubic feet. Natural gas futures may continue the downward trend as a bearish supply data signals gloomy prospects for the fuel. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 254.70 per mmBtu, down by 3.34 per cent, after opening at Rs 263.50, against the previous closing price of Rs 263.50. It touched an intra-day low of Rs 254.10.
