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Natural Gas spikes on bullish supply data

By Religare
|

Natural Gas futures soared by nearly 5 per cent in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as a smaller than expected stockpile injection last week signaled a pickup in demand for the heating fuel at the start of the winter season in the US, the world's biggest fuel consumer.

The EIA said that US gas supplies climbed by 52 billion cubic feet to 3.929 trillion cubic feet in the week ended October 30, 2015. Analysts were expecting an injection of 60 billion cubic feet while stockpiles had risen by 63 billion cubic feet a week ago.

 

Last week's supply rise was below the 91 billion cubic feet build in the same period a year ago and the 68 billion cubic feet five-year average increase.

At the MCX, Natural Gas futures for November 2015 contract closed at Rs 157.1 per mmBtu, up by 4.9 per cent, after opening at Rs 149.7, against the previous closing price of Rs 149.7. It touched an intra-day high of Rs 157.7.

Story first published: Friday, November 6, 2015, 12:20 [IST]
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