Natural Gas futures slump on weather forecasts

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Natural Gas futures tumbled in the domestic market on Friday as investors and speculators exited positions in the energy commodity as forecasts for milder US weather in the near term dimmed the demand outlook for the heating fuel.

The Commodity Weather Group LLC predicted more seasonal readings across most of the lower48 states from February 17 through February 21 following extremely cold weather through February 16, 2014.

At the MCX, Natural gas futures for February 2014 contract closed at Rs. 300 per mmBtu, down by 2.91 per cent, after opening at Rs 310.60, against the previous closing price of Rs 309. It touched an intra-day low of Rs 295.60.

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Story first published: Monday, February 10, 2014, 12:21 [IST]
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