Free commodity tips - Natural Gas futures Drop by more than 6 % in the domestic market on Friday as investors and speculators Get Off positions in the energy commodity tracking instability in the overseas market as warm weather and record storage levels weighed on sentiment.
Latest weather forecasting models called for milder temperatures across the US over the next two weeks, threatening to curb gas-fired heating demand. November to March is the peak US gas heating season. About 49 % of US households use natural gas for heating purposes.
Meanwhile, stockpiles have hit an all-time-high of 4 trillion cubic feet, signaling fears over a supply glut.
At the MCX, Natural Gas futures for November 2015 contract closed at Rs 143.6 per mmBtu, down by 6.2 per cent, after opening at Rs 152.6, against the previous closing price of Rs 153.1. It touched an intra-day low of Rs 143.2.
Latest weather forecasting models called for milder temperatures across the US over the next two weeks, threatening to curb gas-fired heating demand. November to March is the peak US gas heating season. About 49 % of US households use natural gas for heating purposes.
Meanwhile, stockpiles have hit an all-time-high of 4 trillion cubic feet, signaling fears over a supply glut.
At the MCX, Natural Gas futures for November 2015 contract closed at Rs 143.6 per mmBtu, down by 6.2 per cent, after opening at Rs 152.6, against the previous closing price of Rs 153.1. It touched an intra-day low of Rs 143.2.
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