Friday, October 16, 2015

Natural Gas Futures Tumbled by More than 2% in the Domestic Market

 Natural Gas futures tumbled by more than 2 per cent in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking weakness in the overseas market as a bigger than expected build in weekly stockpiles in the US signaled tepid demand for the fuel in the world’s biggest fuel consumer.

US gas stockpiles climbed by 100 billion cubic feet to 3.733 trillion cubic feet in the week ended October 9, 2015, topping analysts’ expectations for a rise of 93 billion cubic feet, and following a 95 billion cubic feet rise in the prior week, while the five-year average injection for the period was 87 billion cubic feet.

Total storage levels are 447 billion cubic feet higher than a year ago and 168 billion cubic feet above the five-year average for this time of the year.

At the MCX, Natural Gas futures for October 2015 contract closed at Rs 159.9 per mmBtu, down by 2.32 per cent, after opening at Rs 164.2, against the previous closing price of Rs 163.7. It touched an intra-day low of Rs 159.5.Read More -Natural Gas News