Friday, February 19, 2016

Commodity tips : Today, Natural Gas slides down 19 feb

Yesterday, Natural Gas futures fell over 3 per-cent in the local market as investors and speculators exited positions in the energy commodity as warmer than average temperatures across parts of the US curbed the requirement for the heating fuel in the world’s largest gas consuming nation, overshadowing a big storage withdrawal.

The EIA reported that US gas supplies fell by 158 billion cubic feet to 2.706 trillion cubic feet last week, slightly above the forecast of 154 billion cubic feet by analysts, but below the five-year average of around 176 billion cubic feet, and above the 110 billion cubic feet drop witnessed last year.

Feb 2016 contract for Natural Gas futures ended at Rs 128 per mmBtu, down by 3.4 per cent, after opening at Rs 133.2, against the last ending price of Rs 132.5. Then, it attained an intra-day low of 127.5.

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