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Natural Gas futures advanced almost 2 per cent in the domestic market on Tuesday tracking a rally in the energy commodity internationally as forecasts for cooler weather across the eastern parts of the US next week raised hopes of a pickup in gas-fired heating demand in the world’s biggest fuel consuming nation.
About 49 per cent of US households use natural gas for heating purposes. November to March is the peak US gas heating season. The focus now shifts to the EIA’s US storage report due on Thursday which will offer further cues over the state of demand for the fuel in the country. Inventories had declined by 43 billion cubic feet in the same week last year, while the five-year average change for the week is a withdrawal of 71 billion cubic feet.
At the MCX, Natural Gas futures for March 2016 contract closed at Rs 125.3 per mmBtu, up by 1.95 per cent, after opening at Rs 122.5, against the previous closing price of Rs 122.9. It touched an intra-day high of Rs 128.