Natural Gas futures plunged by more than 3 per cent during noon trade in the domestic market on Friday as investors and speculators exited positions in the energy commodity which plummeted by nearly 2 per cent on Thursday, as stockpiles hit an all-time-high of 4 trillion cubic feet last week, signaling fears over a supply glut.
US gas supplies climbed by 15 billion cubic feet in the week ended November 13, 2015, taking total storage to levels unseen before. Total storage remains 10.1 per cent higher than year-ago levels and 5.2 per cent above the five-year average for this time of the year.
At the MCX, Natural Gas futures for November 2015 contract is trading at Rs 148 per mmBtu, down by 3.33 per cent, after opening at Rs 152.60, against the previous closing price of Rs 153.1. It touched an intra-day low of Rs 147.6.
US gas supplies climbed by 15 billion cubic feet in the week ended November 13, 2015, taking total storage to levels unseen before. Total storage remains 10.1 per cent higher than year-ago levels and 5.2 per cent above the five-year average for this time of the year.
At the MCX, Natural Gas futures for November 2015 contract is trading at Rs 148 per mmBtu, down by 3.33 per cent, after opening at Rs 152.60, against the previous closing price of Rs 153.1. It touched an intra-day low of Rs 147.6.
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