FREE MCX TIPS | Natural Gas Bulls roar on demand outlook

FREE MCX TIPS: Natural Gas futures ended on a positive note in the domestic market on the first day of the New Year, Friday as investors and speculators booked fresh positions in the energy commodity as forecasts for extremely cold temperatures across parts of the US this month bolstered the demand outlook for the heating fuel.

Updated weather forecasting models called for much colder weather across the central and eastern US in January, particularly in the first week of the ongoing month, bolstering the need for gas-fired heating at offices and homes in the world’s biggest economy.

About 49 per cent of United State households use natural gas for heating purposes. Nov to March is the peak US gas heating season.

At the MCX, Natural Gas futures for January 2016 contract closed at Rs 156.9 per mmBtu, up by 0.64 per cent, after opening at Rs 155.3, against the previous closing price of Rs 155.9 .It touched an intra-day high of Rs 157.9.