FREE MCX TIPS | Natural Gas futures break downed to profit booking in the domestic market in late morning trade on Tuesday following the nearly 9% surge in recent sessions when forecasts for colder weather across the US Midwest in the coming days, lifted hopes of a pickup in gas-fired heating demand at offices and homes in the world’s biggest gas consuming nation.
About 49% of US households use natural gas for heating purposes. November to March is the peak US gas heating season.
However, supplies of the fuel in the United State remain 14.1% higher than levels at this time a year ago and 8.4 per cent above the 5-year average for this time of year, weighing on sentiment.
At the MCX, Natural Gas futures for December 2015 agreement is trading at Rs 126.9/mmBtu, down by 0.63%, after opening at Rs 127.1, against the last closing price of Rs 127.7. It touched an intra-day low of Rs 126.6.
About 49% of US households use natural gas for heating purposes. November to March is the peak US gas heating season.
However, supplies of the fuel in the United State remain 14.1% higher than levels at this time a year ago and 8.4 per cent above the 5-year average for this time of year, weighing on sentiment.
At the MCX, Natural Gas futures for December 2015 agreement is trading at Rs 126.9/mmBtu, down by 0.63%, after opening at Rs 127.1, against the last closing price of Rs 127.7. It touched an intra-day low of Rs 126.6.
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