Base Metals & Energy
D A I L Y B U Z Z
CRUDEOIL
Crude oil prices rose by 0.74 per cent on Thursday at the domestic markets after Energy Information Administration said that U.S. Crude Oil Inventories fell to a seasonally adjusted annual rate of -1.754M, from 7.267M in the preceding month signaling that the demand for the commodity in US, world’s largest consumer of crude oil is strong. At the MCX, crude oil futures for January 2015 contract were trading at Rs. 3,394 per barrel, up by 0.74 per cent, after opening at Rs. 3,398 against the previous closing price of Rs. 3,369. It touched the intra-day low of Rs. 3,410 till the trading. (At 11.41 AM today).
NATURAL GAS
Natural gas futures tumbled in the domestic market on Thursday as investors and speculators exited positions in the energy commodity as forecasts for mild January weather dampened heating demand in the world’s biggest economy while supplies fell last than expected last week.The Commodity Weather Group expects January temperatures to be 6.7 per cent warmer than a year earlier, dimming the demand outlook for the heating fuel.US gas stockpiles fell 26 billion cubic feet to 3.22 trillion cubic feet in the week ended December 26, 2014, the smallest withdrawal for this period since 2005 and missing analysts’ forecast for a drop of 34 billion cubic feet.At the MCX, Natural Gas futures for January 2015 contract closed at Rs 185.20 per 1 kg, down by 2.06 per cent after opening at Rs 186.60, against the previous closing price of Rs 189.10. It touched the intra-day low of Rs 182.80 till the closing.
