Natural gas plunged more than 2 per cent in the domestic market on Friday as investors and speculators cut risky bets in the energy commodity as forecasts for mild weather across parts of the US in the coming days threatened to curb the demand for the power plant fuel as need for air conditioning at homes and offices reduces.
Latest weather forecasting models have called for mostly average temperatures across most parts of the US in the coming two weeks.
About 49 5% of American house holds use natural gas for cooling purposes.
At the MCX, Natural Gas futures for August 2015 contract closed at Rs 174.80 per 1 kg, down by 2.24 per cent after Cracking at Rs 179.40, against the previous ending price of Rs 178.80. It touched the intra-day low of Rs 174.50 till the closing.
About 49 5% of American house holds use natural gas for cooling purposes.
At the MCX, Natural Gas futures for August 2015 contract closed at Rs 174.80 per 1 kg, down by 2.24 per cent after Cracking at Rs 179.40, against the previous ending price of Rs 178.80. It touched the intra-day low of Rs 174.50 till the closing.
Read More On this Topic - Free commodity tips
No comments:
Post a Comment