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Natural Gas futures surged by nearly 4 per cent in the domestic market on Wednesday tracking a bullish trend internationally as the sharp retreat in the energy commodity in recent sessions paved way for bargain buying in the fuel by investors and speculators, at existing levels.
The focus is now on the EIA’s weekly storage data on Thursday which may show a withdrawal of 51 billion cubic feet in US gas supplies, up from a 48 billion cubic feet storage drop in the prior week, and a decline of 43 billion cubic feet in the same week last year and a five-year average dip of around 71 billion.
At the MCX, Natural Gas futures for March 2016 contract closed at Rs 119.7 per mmBtu, up by 3.82 per cent, after opening at Rs 116.6, against the previous closing price of Rs 115.3. It touched an intra-day high of Rs 120.4.
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