Monday, November 16, 2015

Natural Gas futures spiked more than 3 per cent

Natural Gas futures spiked more than 3 per cent in the domestic market on Friday as investors and speculators booked newest positions in the energy commodity tracking a bullish trend in the overseas market as a smaller than expected increase in US stockpiles and cold weather forecasts boosted sentiment.

US gas supplies climbed 49 billion cubic feet to 3.978 trillion cubic feet in the week ended November 6, below the expected rise of 51 billion cubic feet, and down from the 52 billion cubic feet rise in the prior week. Supplies had risen 40 billion cubic feet in the same week last year while the five-year average increase was 30 billion cubic feet.

At the MCX, Natural Gas futures for November 2015 contract closed at Rs 155.1 per mmBtu, up by 3.06 per cent, after opening at Rs 151.4, against the previous closing price of Rs 150.5. It touched an intra-day high of Rs 157.5.

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