Base Metals & Energy
D A I L Y B U Z Z
CRUDEOIL
Crude oil prices fell by 0.81 per cent on Wednesday at the domestic markets with downbeat US supply data weighing on sentiment. The American Petroleum Institute said late Tuesday that crude oil stocks surged 12.7 million barrels last week, distillate stocks fell 670,000 barrels and gasoline stocks eased 5 million barrels. The market will now look ahead to similar data, but more closely watched, from the U.S. Department of Energy later today. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,819 per barrel, down by 0.81 per cent, after opening at Rs. 2,830 against the previous closing price of Rs. 2,842. It touched the intra- day low of Rs. 2,815 till the trading. (At 11.53 AM).
NATURAL GAS
Natural Gas futures surged in the domestic and overseas market on Tuesday as investors and speculators booked fresh positions in the energy commodity as a blizzard in the US which has brought heavy snowfall in the densely populated Northeast region may bolster heating demand for the fuel in the world’s biggest energy consumer. The National Weather Service said that parts of Connecticut, Maine, Massachusetts, New Hampshire, New York and Rhode Island have seen more than a foot of snow as of Tuesday morning. At the MCX, Natural Gas futures for January 2015 contract closed at Rs 183.90 per 1 kg, up by 0.60 per cent after opening at Rs 180.30, against the previous closing price of Rs 182.8. It touched the intra-day high of Rs 185 till the closing.
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