Natural Gas futures extended a slide in the domestic market on Monday as investors and speculators exited positions in the energy commodity as forecasts for unseasonably cool weather across the north-central US threatened to curb demand for the fuel which is used for firing up air conditioners as cooling need arises at offices and homes. About 49 per cent of American households use natural gas for cooling purposes.
Meanwhile, above average stockpile injections signal that supplies of the energy commodity remain ample in the US, weighing on sentiment. US gas stockpiles probably rose 70 billion cubic feet in the week ended August 14th, topping the five-year average gain of 54 billion cubic feet, the EIA may say on Thursday.
At the MCX, Natural Gas futures for August 2015 contract closed at Rs 178.80 per 1 kg, down by 2.13 per cent after opening at Rs 182.30, against the previous closing price of Rs 182.70. It touched the intra-day low of Rs 178.40 till the closing.
Meanwhile, above average stockpile injections signal that supplies of the energy commodity remain ample in the US, weighing on sentiment. US gas stockpiles probably rose 70 billion cubic feet in the week ended August 14th, topping the five-year average gain of 54 billion cubic feet, the EIA may say on Thursday.
At the MCX, Natural Gas futures for August 2015 contract closed at Rs 178.80 per 1 kg, down by 2.13 per cent after opening at Rs 182.30, against the previous closing price of Rs 182.70. It touched the intra-day low of Rs 178.40 till the closing.
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