Thursday, November 19, 2015

Natural Gas futures Drop Ahead of Storage Data

commodity updates - Natural Gas futures Ended Down in the domestic market on Thursday as investors and speculators stayed cautious ahead of Thursday’s weekly storage data which may signal the strength of the demand for the heating fuel in the world’s biggest economy.
In the week ended November 6, US gas supplies climbed by 49 billion cubic feet, the EIA said.
Meanwhile, colder than normal weather forecasts in parts of the US bolstered the demand outlook for the heating fuel, trimming losses in natural gas futures. November to March is the peak US gas heating season. About 49 per cent of US households use natural gas for heating .
At the MCX, Natural Gas futures for November 2015 contract closed at Rs 155.9 per mmBtu, down by 0.95 per cent, after opening at Rs 157.1, against the previous closing price of Rs 157.4. It touched an intra-day low of Rs 154.6.
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