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Natural Gas futures up amid smaller than expected US stockpiles gain

By Religare
|

Natural Gas futures rose in the domestic market on Friday as investors and speculators created fresh positions in the energy commodity as a smaller than expected rise in US gas stockpiles signaled a pickup in the demand for the fuel in the world's biggest economy.

US gas inventories rose 89 billion cubic feet to 2.053 trillion cubic feet in the week ended May 17, below the forecasted 92 billion cubic feet gain. Forecasts forabove-normal temperatures from the US Northeast to the Midwest nextweek raised hopes of a pickup in air-conditioning demand, bolsteringthe demand prospects for gas-fired electricity.

 

At the MCX, Natural Gas for the May 2013 contract is trading at 238 per mmBtu, up by 0.51 per cent, after opening at 236.70, against a previous close of 236.80. It touched an intra-day high of 239.(At 13:11 PM).

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Story first published: Friday, May 24, 2013, 23:32 [IST]
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