Natural Gas futures sank almost 4 per cent in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity tracking a bearish trend in the overseas market as traders stuck to a cautious stance ahead of the weekly storage data due on Thursday which may signal the strength of the demand for the fuel in the US, the world’s biggest gas consumer.
The EIA may on Thursday show 75 billion cubic feet build in storage levels in the week ended October 23, 2015.
Unusually warm weather readings have reduced the demand for the heating fuel at the start of the winter season. About 49 per cent of US households use natural gas for heating purposes.
At the MCX, Natural Gas futures for November 2015 contract closed at 149.10 Rs per mmBtu, down by 3.93 per cent, after opening at Rs 155, against the previous closing price of Rs 155.2. It touched an intra-day low of Rs 147.9.
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