Friday, March 4, 2016

Commodity updates : Natural Gas expands slump on storage data 4 Mar, 2016

Mcx : Natural Gas futures sank more than 3 per-cent in the native market on yesterday as investors, traders and speculators quit their positions in the energy commodity as a below average withdrawal in US(United States) gas inventories last week signaled weak requirement for the heating fuel in the world’s biggest fuel consuming nation.

United States gas supplies fell down by only 48 billion cubic feet previous week compared to a five-year average withdrawal of 137 billion cubic feet.

Total US(United States) storage levels at 2.536 trillion cubic feet are 45 per-cent high than year-ago levels and 35.6 per-cent above average for this time of year, a sign that the market remains oversupplied.

MCX : March 2016 contract for Natural Gas futures closed at Rs 111.7 per mmBtu, down by 3.12 per-cent, after unlocking at Rs 114.3, as compared to the previous ending price of Rs 115.3. It then, reached an intra-day low of Rs 110.9.
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