Natural Gas futures up on bargain buying
20/05/2014 09:37
Natural Gas futures surged in the domestic market on Monday tracking a firm trend in the overseas market as the sharp losses in the energy commodity in the previous session offered investors good bargain buying opportunity in the heating fuel at existing levels. Forecasts for warmer than normal weather in the US in the coming days may boost cooling demand for natural gas which is used to fire air conditioners. The MDA Weather Services forecasted hot weather for the US Plains and the Midwest in the coming days. Natural Gas futures may trade on a cautious note today as investors await the weekly supplies data. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 263.30 per mmBtu, up by 1.31 per cent, after opening at Rs 259.20, against the previous closing price of Rs 259.90. It touched an intra-day high of Rs 264.60.
20/05/2014 09:37
Natural Gas futures surged in the domestic market on Monday tracking a firm trend in the overseas market as the sharp losses in the energy commodity in the previous session offered investors good bargain buying opportunity in the heating fuel at existing levels. Forecasts for warmer than normal weather in the US in the coming days may boost cooling demand for natural gas which is used to fire air conditioners. The MDA Weather Services forecasted hot weather for the US Plains and the Midwest in the coming days. Natural Gas futures may trade on a cautious note today as investors await the weekly supplies data. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 263.30 per mmBtu, up by 1.31 per cent, after opening at Rs 259.20, against the previous closing price of Rs 259.90. It touched an intra-day high of Rs 264.60.
