COMMODITY TIPS | Natural gas futures slid more than 1.5% in the domestic market on Friday as investors and speculators exited positions in the energy commodity as supplies of the fuel in the US, the world’s biggest consumer, remained more than adequate as a warm winter curbed gas-fired heating demand.
The EIA said that US gas supplies fell 34 billion cubic feet in the week ended December 11, below the expected 40 billion cubic feet withdrawal, and compared to a 61 billion cubic feet decline in the year ago period and a five-year average drawdown of 120 billion cubic feet.
Total US storage at 3.846 trillion cubic feet is 14.1 per cent higher than levels at this time a year ago and 8.4 per cent above the 5-year average for this time of year.
At the MCX, Natural Gas futures for December 2015 contract closed at Rs 117.4 per mmBtu, down by 1.59 per cent, after opening at Rs 118.2, against the previous closing price of Rs 119.3. It touched an intra-day low of Rs 114.2.
The EIA said that US gas supplies fell 34 billion cubic feet in the week ended December 11, below the expected 40 billion cubic feet withdrawal, and compared to a 61 billion cubic feet decline in the year ago period and a five-year average drawdown of 120 billion cubic feet.
Total US storage at 3.846 trillion cubic feet is 14.1 per cent higher than levels at this time a year ago and 8.4 per cent above the 5-year average for this time of year.
At the MCX, Natural Gas futures for December 2015 contract closed at Rs 117.4 per mmBtu, down by 1.59 per cent, after opening at Rs 118.2, against the previous closing price of Rs 119.3. It touched an intra-day low of Rs 114.2.
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