Commodity Trading Tips: Natural Gas futures surged by more than 1.5% in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as forecasts for colder temperatures across parts of the US in the next two weeks bolstered the demand outlook for the heating fuel in the world’s biggest economy.
Updated weather forecasting models called for cooler weather in the US through the middle of February, boosting demand for gas-fired heating at offices and homes.
About 49% of US households use natural gas for heating purposes. November to March is the peak US gas heating season.
The focus today will on the release of the weekly US storage data by the EIA which may show a 206 billion cubic feet withdrawal in stockpiles in the week ended January 22, 2016. At the MCX, Natural Gas futures for February 2016 contract closed at Rs 147.6 per mmBtu, up by 1.51 per cent, after opening at Rs 146.5, against the previous closing price of Rs 145.4. It touched an intra-day high of 151.2.
Updated weather forecasting models called for cooler weather in the US through the middle of February, boosting demand for gas-fired heating at offices and homes.
About 49% of US households use natural gas for heating purposes. November to March is the peak US gas heating season.
The focus today will on the release of the weekly US storage data by the EIA which may show a 206 billion cubic feet withdrawal in stockpiles in the week ended January 22, 2016. At the MCX, Natural Gas futures for February 2016 contract closed at Rs 147.6 per mmBtu, up by 1.51 per cent, after opening at Rs 146.5, against the previous closing price of Rs 145.4. It touched an intra-day high of 151.2.
No comments:
Post a Comment