Natural Gas futures slid by more than 1 per cent in the domestic market
on Tuesday as investors and speculators resorted to profit booking in
the energy commodity, at existing levels, after prices surged by more
than 4.5 per cent in the previous session as forecasts for cold weather
across parts of the US over the next two weeks bolstered the demand
outlook for the heating fuel.
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 Thursday’s weekly US storage data which will
offer fresh cues over the demand in the world’s biggest gas consuming
nation. Analysts expect US gas supplies to have fallen by 155 billion
cubic feet in the week ended February 1, 2016.
At the MCX, Natural Gas futures for February 2016 contract closed at Rs
144.4 per mmBtu, down by 1.03 per cent, after opening at Rs 145.5,
against the previous closing price of Rs 145.9. It touched an intra-day
low of 140.8.For more information ✆ – 0731-6642300 or Visit http://www.epicresearch.co
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