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Natural gas futures fell in the domestic market on Thursday as investors and speculators exited positions in the energy commodity after a rise in US storage levels signaled weak demand for the fuel in the world’s biggest natural gas consumer.
The EIA reported that US gas supplies climbed by 15 billion cubic feet to 2.493 trillion cubic feet in the week ended March 18, 2016. The five-average average for the same week was a withdrawal of 24 billion cubic feet while stockpiles fell by 4 billion cubic feet a year ago.
At the MCX, Natural Gas futures for March 2016 contract closed at Rs 120.8 per mmBtu, down by 0.90 per cent, after opening at Rs 121.2, against the previous closing price of Rs 121.9. It touched an intra day low of Rs 119.