Natural Gas futures jumped more than 1 per cent in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as forecasts for warmer weather across key gas consuming regions in the US bolstered the demand outlook for the power plant fuel which is used to fire up air conditioners at offices and homes.
Latest weather forecasting models have called for hot weather in the Midwest and Eastern US, lifting the need for gas fired cooling.
About 49 per cent of US households use natural gas for cooling purposes.Demand for gas from power plants jumped 8.7 per cent this week through Wednesday, according to LCI Energy Insight in El Paso, Texas.
At the MCX, Natural Gas futures for August 2015 contract closed at Rs 178 per 1 kg, up by 1.19 per cent after opening at Rs 176.90, against the previous closing price of Rs 175.90. It touched the intra-day high of Rs 179.50 till the closing.
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