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Listless trade witnessed in Natural Gas

By Religare
|

Natural Gas prices were little changed during noon trade in the domestic market on Friday as traders stayed on the sidelines as Thursday's storage data failed to alleviate concerns of oversupplies in the US market.

While US gas supplies climbed by 52 billion cubic feet to 2.880 trillion cubic feet in the week ended July 24, compared to an expected injection of 55 billion cubic feet and below the 68 billion cubic feet addition in the previous week and the 88 billion cubic feet build a year ago, they were above the five-year average gain of 48 billion cubic feet.

 

Further, total storage was 586 billion cubic feet higher than the same time last year, and 85 billion cubic feet above the five-year average of 2.795 trillion cubic feet, a sign that the market remains more than adequately supplied.

At the MCX, Natural Gas futures for August 2015 contract is trading at Rs 178.90 per 1 kg, up by 0.06 per cent after opening at Rs 179.40, against the previous closing price of Rs 178.80. It touched the intra-day high of Rs 179.50 till the closing. (At 12:45 PM).

Story first published: Friday, July 31, 2015, 23:00 [IST]
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