Natural Gas futures mounted by nearly 11 per-cent in the local market on yesterday as investors and traders booked fresh positions in the energy commodity tracking a bullish trend in the overseas market as forecasts for colder weather across parts of the US reinforced the requirement overview for the heating fuel in the world’s largest economy.
Updated weather forecasting models called for more normal temperatures for the US East Coast & parts of the Midwest, & cooler weather in the South & Southeast, as well as parts of the West and Midwest, boosting the need for gas-fired heating at offices and homes.
Nearly 49 per-cent of US(United States) households use natural gas for heating purposes. November to March month is the peak US gas heating season.
MCX : NG(Natural Gas) futures for Dec 2015 contract ended at Rs 147.4 per mmBtu, up by 10.5 per cent, after unlocking at Rs 135.3, as compared to the last ending price of Rs 133.4. It reached an intra-day high of Rs 147.3.
Updated weather forecasting models called for more normal temperatures for the US East Coast & parts of the Midwest, & cooler weather in the South & Southeast, as well as parts of the West and Midwest, boosting the need for gas-fired heating at offices and homes.
Nearly 49 per-cent of US(United States) households use natural gas for heating purposes. November to March month is the peak US gas heating season.
MCX : NG(Natural Gas) futures for Dec 2015 contract ended at Rs 147.4 per mmBtu, up by 10.5 per cent, after unlocking at Rs 135.3, as compared to the last ending price of Rs 133.4. It reached an intra-day high of Rs 147.3.
Click For Free trial
No comments:
Post a Comment