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Natural Gas futures plunged by more than 1 per cent in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity tracking a bearish trend in the overseas market as mild weather across the US threatened to curb the demand for the heating fuel in the world’s biggest gas consuming nation.
November to March is the peak US gas heating season. At the MCX, Natural Gas futures for February 2016 contract closed at Rs 129.7 per mmBtu, down by 1.14 per cent, after opening at Rs 131.3, against the previous closing price of Rs 131.2. It touched an intra-day low of 129.2.
Natural gas dropped on profit booking after gained in last session after data showed that the build in the gas inventories last was the lowest for a summer week since 2006 as estimated by Epic Research.
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