Base Metals & Energy
D A I L Y B U Z Z
NATURAL GAS
Natural Gas futures extended gains in the domestic market on Thursday tracking a firm trend in the overseas market as forecasts for below –normal temperatures in the US bolstering demand outlook for the heating fuel which is used for heating purposes by about 49 per cent of US households. The MDA Weather Services in Maryland predicted colder than usual weather in the eastern half of the USthrough
November 3, 2014. US gas stockpiles climbed 87 billion cubic feet last week, above the 85 billion cubic feet predicted by analysts, signaling abundant supplies, trimming gains in the energy commodity. At the MCX, Natural gas futures for November 2014 contract closed at Rs. 235.70 per mmBtu, up by 0.13 per cent, after opening at Rs 236.80, against the previous closing price of Rs 235.40. It touched an intra-day high of Rs 237.70.
CRUDE OIL
Crude oil futures fell in the domestic market on Thursday as investors and speculators exited positions in the energy commodity after US crude oil stockpiles rose for the fourth week on the trot, signaling weakening fuel demand in the world’s biggest oil consumer. US crude oil stockpiles climbed for a fourth week on the trot, up by 2.06 million barrels to 379.7 million barrels in the week ended October 24, 2014, the EIA said. US oil output rose at the fastest pace since 1983, up to 8.97 million barrels a day, the report said. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 5,051 per barrel, down by 0.63 per cent, after opening at Rs 5,080, against a previous close of Rs 5,083. It touched an intra-day low of Rs 5,048. (At 11:29 AM).
