Thursday, December 3, 2015

Natural Gas Down 1.7 per cent in the Domestic Market
Commodity Updates - Natural Gas Down by over 1.7 per cent in the domestic market on Wednesday as investors and speculators left positions in the energy commodity tracking a weak trend in the overseas market amidst caution ahead of the weekly US storage data which may signal the strength of the fuel in the world’s biggest economy.

The EIA may on Thursday say that US gas inventories fell by 5 billion cubic feet in the week ended November 27, 2015. Gas supplies fell by 22 billion cubic feet in the same week a year ago, while the five- year average withdrawal for the same period was 11 billion cubic feet.

Latest weather forecasting models called for mild weather in the US in early December, limiting the need for gas-fired at offices and homes.At the MCX, Natural Gas futures for December 2015 contract closed at Rs 145.10 per mmBtu, down by 1.76 per cent, after opening at Rs 148.5, against the previous closing price of Rs 147.7. It touched an intra-day low of Rs 144.6.