Commodity Trading Tips: Natural Gas futures surged by over 1 per cent in the domestic market on Thursday tracking a firm trend in the overseas market as a bigger than expected dip in US gas supplies last week signaled a pickup in demand for the heating fuel in the world’s biggest economy.
The EIA said that US gas stockpiles fell by 211 billion cubic feet to 3.086 trillion cubic feet in the week ended January 22, 2016.
Analysts expected a 206 billion cubic feet withdrawal in stockpiles last week.
About 49% of US households use natural gas for heating purposes. November to March is the peak United state gas heating season.
At the MCX, Natural Gas futures for February 2016 contract closed at Rs 149.1 per mmBtu, up by 1.02 per cent, after opening at Rs 147, against the previous closing price of Rs 147.6. It touched an intra-day high of 150.
The EIA said that US gas stockpiles fell by 211 billion cubic feet to 3.086 trillion cubic feet in the week ended January 22, 2016.
Analysts expected a 206 billion cubic feet withdrawal in stockpiles last week.
About 49% of US households use natural gas for heating purposes. November to March is the peak United state gas heating season.
At the MCX, Natural Gas futures for February 2016 contract closed at Rs 149.1 per mmBtu, up by 1.02 per cent, after opening at Rs 147, against the previous closing price of Rs 147.6. It touched an intra-day high of 150.
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