Tuesday, December 22, 2015

Natural Gas spiked near 9% in domestic market 22 Dec, 2015


Natural Gas futures spiked around 9 per-cent in the native market on yesterday as investors, traders and speculators booked fresh positions in the energy commodity as colder weather in parts of the US(United States) bolstered the requirement outlook for the heating fuel in the world’s biggest gas consumer. The Commodity Weather Group called for cooler winter weather in the US Midwest in the up-coming days, raising hopes of a pickup in gas-fired heating demand at offices and homes.

Nearly 49 per-cent of US households use natural gas for heating purposes. Duration From the months November to March is the peak US gas heating season.

The newely sharp losses in NG(natural gas) amidst more than adequate storage levels also paved way for bargain buying, in the fuel, at existing levels.

December 2015 contract for Natural Gas futures ended at Rs 127.7 per mmBtu, up by 8.8 per cent, after unlocking at Rs 118.8, as compared to the previous closing price of Rs 117.4 It reached an intra-day high of Rs 128.

Read Other News : Share tips