NaturalGas futures ended lower in the domestic market on Monday as investors
and speculators exited positions in the energy commodity as forecasts
for mild weather in the US, the world’s biggest fuel consumer,
threatened to curb gas-fired heating demand.
The
MDA Weather Services predicted temperatures to remain above normal
across most of the lower 48 states through October 19, 2015, reducing
need for heating.
About
49 per cent of US households use natural gas for heating purposes.
US
gas supplies continue to top demand, with total storage levels 4.5
per cent above the five-year average in the second half of September,
marking the biggest glut for this time of the year since 2012.
At
the MCX, Natural Gas futures for October 2015 contract closed at Rs
160.8 per mmBtu, down by 0.68 per cent, after opening at Rs 161.5,
against the previous closing price of Rs 161.9. It touched an
intra-day low of Rs 159.5.
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