Natural Gas futures surged more than 1 per cent in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity tracking gains in the overseas market as forecast for a cold blast in the US Northeast signaled upbeat demand outlook for the heating fuel.
Latest weather forecasting models called for extremely cold temperatures to hit the northern US through October 21, bolstering the need for gas-fired heating.
About 49 per cent of US households use natural gas for heating purposes.
At the MCX, Natural Gas futures for October 2015 contract closed at 159.9 Rs per mmBtu, up by 1.4 per cent, after opening at Rs 158.8, against the previous closing price of Rs 157.7. It touched an intra-day high of Rs 161.4.
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