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Natural Gas retreats ahead of weekly supplies data

By Religare
|

Natural Gas futures were trading lower during noon trade in the domestic market on Thursday as traders stuck to a cautious stance ahead of the weekly US government data on stockpiles which will signal the strength of the demand for the power plant fuel in the world's biggest economy.

An above average injection of 70 billion cubic feet in the week ended August 14, 2015 is seen by analysts, exceeding the five-year average gain of 54 billion cubic feet.

 

Total US natural gas storage at 2.977 trillion cubic feet in the week ended August 7, 2015 stood at 2.8 per cent above the five-year average for this time of the year.

At the MCX, Natural Gas futures for August 2015 contract closed at Rs 176.80 per 1 kg, down by 0.39 per cent after opening at Rs 177.30, against the previous closing price of Rs 177.50. It touched the intra-day low of Rs 176.70 till the closing. (At 14:26 PM IST).

Story first published: Thursday, August 20, 2015, 23:00 [IST]
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