Monday, September 14, 2015

Natural gas futures Advanced Moderately in the Domestic Market

Marking a bullish finish to the week, natural gas futures advanced moderately in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as forecasts for warmer weather in the US’ Western region bolstered the demand outlook for the fuel which is used to fire up power plants as need for cooling arises at offices and homes.

About 49 per cent of American households use natural gas for cooling purposes.

Supplies were 473 billion cubic feet higher than year ago levels and 127 billion cubic feet above the five-year average of 3.134 trillion cubic feet for this time of year, signaling adequate storage levels, trimming gains in the fuel.

At the MCX, Natural Gas futures for September 2015 contract closed at Rs 179.90 per mmBtu, up by 0.33 per cent after opening at Rs 179.30, against the previous closing price of Rs 179.30. It touched the intra-day high of Rs 181.20 till the closing.

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