free Share tips - Natural Gas futures plunged over 5 per cent in the domestic market on Monday as investors and speculators exited positions in the energy commodity as above-normal temperatures across the US East Coast curtailed heating demand for the fuel in the world’s biggest economy, threatening to keep stockpiles of the fuel near a record high.
Latest weather forecasting models called for warmer than normal weather for the US East Coast in the next ten days, threatening to limit gas-fired heating demand at offices and homes.
November to March is the peak heating season in the US. About 49 per cent of US households use natural gas for heating purposes.
At the MCX, Natural Gas futures for December 2015 contract closed at Rs 138.6 per mmBtu, down by 5.2 per cent, after opening at Rs 145.6, against the previous closing price of Rs 146.20. It touched an intra-day low of Rs 138.3.
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