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Natural Gas extends losses on weak demand outlook

By Religare
|

Natural Gas futures tumbled more than 1.5 per cent in the domestic market on Monday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amidst expectations of a seasonal decline in demand as the end of the summer season curbs consumption of gas-fired electricity to run air conditioners at offices and homes.

NatGasWeather.com expects natural gas demand in the US to be low compared to normal through September 26, 2015.

 

About 49 per cent of US households use natural gas for cooling purposes.

At the MCX, Natural Gas futures for September 2015 contract closed at Rs 169.5 per mmBtu, down by 1.57 per cent after opening at Rs 172, against the previous closing price of Rs 172.2. It touched the intra-day low of Rs 168 till the closing.

Story first published: Tuesday, September 22, 2015, 12:20 [IST]
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