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Natural Gas rallies on weather outlook

By Religare
|

Natural gas futures rallied in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity as forecasts for a polar blast in the US extending into early March bolstered the demand outlook for the heating fuel.

Latest weather forecasting models have called for below normal temperatures in the key US Northeast and Midwest regions through March 6, 2015.

At the MCX, Natural Gas futures for February 2015 contract closed at Rs 187.40 per 1 kg, up by 0.64 per cent after opening at Rs 184.4, against the previous closing price of Rs 186.2 It touched the intra-day high of Rs 188 till the closing.

Story first published: Wednesday, February 25, 2015, 12:50 [IST]
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