Today, Natural Gas futures extended a retreat, tanking 2 per-cent in the native market on Monday as investors and speculators quit their positions in the energy commodity as forecasts for warmer weather in the US(United States) in the up-coming days threatened to curb the requirement for the heating fuel in the world’s largest gas consuming nation.
Latest weather forecasting models called for warmer than normal temperatures over the next two weeks in parts of the US, curbing requirement for gas-fired heating at offices and homes.
Nearly 49 per-cent of US(United States) households use natural gas for heating purposes. From Nov to March month is the peak US gas heating season.
MCX : Natural Gas futures for Feb 2016 contract closed at Rs 131.2 per mmBtu, down by 2 per cent, after unlocking at Rs 133, as compared to the previous closing price of Rs 133.9. It reached an intra-day low of 131.
Latest weather forecasting models called for warmer than normal temperatures over the next two weeks in parts of the US, curbing requirement for gas-fired heating at offices and homes.
Nearly 49 per-cent of US(United States) households use natural gas for heating purposes. From Nov to March month is the peak US gas heating season.
MCX : Natural Gas futures for Feb 2016 contract closed at Rs 131.2 per mmBtu, down by 2 per cent, after unlocking at Rs 133, as compared to the previous closing price of Rs 133.9. It reached an intra-day low of 131.
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