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.
