Wednesday, September 16, 2015

Natural Gas futures Ended on a Bearish Note in the Domestic Market

Natural Gas futures ended on a bearish note in the domestic market on Tuesday as investors and speculators indulged in profit booking in the energy commodity after stellar gains in the previous session when unusually warm weather in the eastern half of the US bolstered the demand outlook for the power plant fuel.

Temperatures may be above normal in the Northeast and Central US from September 19 through September 28, 2015, the WSI Corp reported.

The US is the world’s biggest consumer of natural gas, where about 49 per cent of households use the power plant fuel for cooling purposes as warmer temperatures boost the need for gas-fired cooling at offices and homes. At the MCX, Natural Gas futures for September 2015 contract closed at Rs 182.6 per mmBtu, down by 0.60 per cent after opening at Rs 184.3, against the previous closing price of Rs 183.7. It touched the intra-day low of Rs 182 till the closing.

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