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Natural gas futures plunged by more than 4 per cent in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking weakness in the overseas market as a smaller than expected US inventory drawdown signaled weak demand for the heating fuel in the world’s biggest gas consuming nation.
At the MCX, Natural Gas futures for February 2016 contract closed at Rs 133.1 per mmBtu, down by 4.2 per cent, after opening at Rs 138.8, against the previous closing price of Rs 139. It touched an intra-day low of 132.8.
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