Yesterday, Natural Gas futures slided by more than 6 per-cent in the local market as investors and traders quit their positions in the energy commodity as forecasts for warmer than average weather in parts of the US through the middle of Feb dampened the demand prospects for the heating fuel in the world’s biggest gas consumer.
Updated weather forecasting models called for warmer-than-normal temperatures in the US over the next two weeks, reducing the need for gas-fired heating at offices and homes.
Nearly 49 per-cent of US households use natural gas for heating purposes. Nov to March is the peak US gas heating season.
MCX : Natural Gas futures for February 2016 contract ended at Rs 136.6 per mmBtu, down by 6.37 per cent, after unlocking at Rs 145.4, as compared to the previous closing price of Rs 145.9. It attained an intra-day low of 135.2.
Updated weather forecasting models called for warmer-than-normal temperatures in the US over the next two weeks, reducing the need for gas-fired heating at offices and homes.
Nearly 49 per-cent of US households use natural gas for heating purposes. Nov to March is the peak US gas heating season.
MCX : Natural Gas futures for February 2016 contract ended at Rs 136.6 per mmBtu, down by 6.37 per cent, after unlocking at Rs 145.4, as compared to the previous closing price of Rs 145.9. It attained an intra-day low of 135.2.
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