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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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.

MCX : 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.

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