Commodity Tips | Natural Gas futures plunged during noon trade in the Asian market on Thursday as investors and speculators exited positions in the energy commodity as US gas supplies climbed more than expected last week, hitting an all-time-high of 4.01 trillion cf.
United state gas supplies climbed by 9 billion cubic feet in the week ended November 20, 2015, trumping analysts’ expectations for a rise of 4 billion cf.
Stockpiles are above 16 per cent the year ago levels and about 6.7% above the five-year average.
Warmer than average temperatures at the start of the winter season have limited demand for the heating fuel in the United State, the world’s biggest gas consumer. November to March is the peak US gas heating season. About 49% of United State households use natural gas for heating purposes
At the MCX, Natural Gas futures for Nov 2015 contract is trading at Rs 152 per mmBtu, down by 1.62 per cent, after opening at Rs 153.5, against the last closing price of Rs 154.5. It touched an intra-day low of Rs 151.5. (At 12:35 PM).
United state gas supplies climbed by 9 billion cubic feet in the week ended November 20, 2015, trumping analysts’ expectations for a rise of 4 billion cf.
Stockpiles are above 16 per cent the year ago levels and about 6.7% above the five-year average.
Warmer than average temperatures at the start of the winter season have limited demand for the heating fuel in the United State, the world’s biggest gas consumer. November to March is the peak US gas heating season. About 49% of United State households use natural gas for heating purposes
At the MCX, Natural Gas futures for Nov 2015 contract is trading at Rs 152 per mmBtu, down by 1.62 per cent, after opening at Rs 153.5, against the last closing price of Rs 154.5. It touched an intra-day low of Rs 151.5. (At 12:35 PM).
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