Friday, 22 January 2016
Daily Mcx Market Update On Natural Gas
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Natural Gas futures soared by over 2 per cent in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity as forecast of a severe winter storm across the US East Coast raised the prospect of higher heating demand in the world’s biggest economy.
About 49 per cent of US households use natural gas for heating purposes. November to March is the peak US gas heating season. Meanwhile, US gas supplies fell 178 billion cubic feet to 3.297 trillion cubic feet in the week ended January 15, 2016. The five-year average drop for the same period was 160 billion cubic feet while a year ago stockpiles fell 220 billion cubic feet.
At the MCX, Natural Gas futures for January 2016 contract closed at Rs 145.6 per mmBtu, up by 2.25 per cent, after opening at Rs 144, against the previous closing price of Rs 142.4. It touched an intra-day high of Rs 148.6.