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Bearish finish for Natural Gas

By Religare
|

Natural Gas futures closed lower in the domestic market on Friday as investors and speculators exited positions in the energy commodity as mostly normal temperatures across many parts of the US curbed the demand for the power plant fuel which is used for firing up air conditioners as cooling need arises at offices and homes, while an above average stockpile injection signaled the risk of oversupplies plaguing the market.

The EIA on Thursday said that US gas stockpiles climbed by 65 billion cubic feet in the week ended August 7, topping expectations for an injection of 55 billion cubic feet, and much higher than the five-year average build of 48 billion cubic feet.

 

At the MCX, Natural Gas futures for August 2015 contract closed at Rs 182.70 per 1 kg, down by 0.44 per cent after opening at Rs 184.40, against the previous closing price of Rs 183.50. It touched the intra-day low of Rs 181.50 till the closing.

Story first published: Monday, August 17, 2015, 12:30 [IST]
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