Natural Gas futures tumble on US supplies
data
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 rise in US gas stockpiles last week signaled weakening demand for the fuel in the world’s biggest economy. US gas stockpiles rose 74 billion cubic feet to 1.055 trillion cubic feet last week, the EIA said. Analysts were expecting US gas stockpiles to rise 70 billion cubic feet last week. Natural Gas futures may fall today as forecast for milder US weather in the coming days dims heating demand. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 275.40 per mmBtu, down by 2.96 per cent, after opening at Rs 284.60, against the previous closing price of Rs 283.80. It touched an intra-day low of Rs 274.10.
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 rise in US gas stockpiles last week signaled weakening demand for the fuel in the world’s biggest economy. US gas stockpiles rose 74 billion cubic feet to 1.055 trillion cubic feet last week, the EIA said. Analysts were expecting US gas stockpiles to rise 70 billion cubic feet last week. Natural Gas futures may fall today as forecast for milder US weather in the coming days dims heating demand. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 275.40 per mmBtu, down by 2.96 per cent, after opening at Rs 284.60, against the previous closing price of Rs 283.80. It touched an intra-day low of Rs 274.10.
